The stock market opened 0.5% lower after rising more than 2% in the previous session. EV makers like Tesla, Nio, and Li Auto also fell. The decrease in stock prices was influenced by stubborn inflation figures and strong economic data, which reduced the likelihood of the U.S. Federal Reserve cutting interest rates in June. On the other hand, China's service sector activity continued to expand, with the services purchasing managers index rising to 52.7 in March.
This growth was attributed to new business in the sector and improvements in underlying demand conditions and business development efforts
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