France's CAC 40 lost 0.4% in early trading to 7,459.14. Germany's DAX fell nearly 0.4% to 15,866.12. Britain's FTSE 100 inched down nearly 0.1% to 7,864.44. U.S. shares were set to drift lower with Dow futures slipping 0.2% to 34,090.00. S&P 500 futures dipped 0.2% to 4,179.50.Australia's S&P/ASX 200 dipped 0.9% to 7,267.
Recent China's manufacturing data showed a contraction, reflecting how the weakening export market is starting to hurt the domestic economy, according to analysts. Many other questions continue to hang over Wall Street that could shake things up. They include worries about corporate profits and the U.S. government's latest squabble over the country's debt limit.
The Fed has been raising rates sharply in hopes of getting high inflation under control. But high rates are a notoriously blunt tool that slow the entire economy, raise the risk of a recession and hurt prices for investments.
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