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Global stocks sink before U.S. Congress votes on deal to avoid debt default

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Global stock markets sank Wednesday ahead of a vote by the U.S. Congress on a deal to avert a government debt default, while a downturn in Chinese factory activity deepened, adding to signs that the world's economic activity is weakening.

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On Wednesday, an official Chinese survey of manufacturers found activity contracted in May on weak global and domestic consumer demand. Uncertainty about U.S. government debt adds to market anxiety over signs global economic activity is slowing following interest rate hikes.

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