Stock market today (June 4, 2024): Asian shares decline after report shows US manufacturing contracted in May

Asian shares retreated on Tuesday after a report showed that U.S. manufacturing contracted in May, in the latest sign the economy is slowing.Japan’s Nikkei 225 index lost 0.5% to 38,749.25 and the Kospi in Seoul was down 0.4% at 2,672.43. Hong Kong’s Hang Seng was the outlier, gaining 0.1% to 18,413.20, while the Shanghai Composite index edged 0.1% lower to 3,075.09.On Monday, U.S. stocks drifted to a mixed finish.

Analysts questioned the significance of the report, given that the indicator has been declining for most of the past two years. Stocks of companies whose profits are most closely tied to the strength of the economy dropped to the market’s worst losses. That included the oil-and-gas industry, as the price of crude tumbled on worries about weaker demand growth for fuel.

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