Uncertainty over US stimulus takes toll on global stocks

A man walks past the London Stock Exchange building. Picture: REUTERS/TOBY MELVILLE

Index heavyweight HSBC warned its bad debt charges could go beyond a previous estimate to $13bn, and France’s Societe Generale reported a €1.26bn second-quarter loss. It said the direction of US fiscal policy depends in part on the November presidential election and the resulting make-up of Congress, cautioning that policy gridlock could continue.

In Asia on Monday, China's factory activity data showed the fastest pace of expansion in nearly a decade. “Amid improvements in business sentiment, signals are emerging that the initial boost from pent-up demand is fading and consumer confidence is slipping lower,” economists at Barclays wrote in a note.

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