LONDON - Global shares erased this week’s gains on Thursday after weak manufacturing surveys from Asia and Europe stoked fears of a slowdown in global growth, adding to profit taking ahead of the long Easter weekend.
Germany’s DAX more than doubled losses on the day to trade 0.3 percent lower after the release of the German survey, while the pan-European STOXX 600 index was down 0.2 percent. [.EU] Activity in Germany’s services sector rose to a seven-month high in April, but investors focused on the 44.5 reading for the manufacturing sector, well below the 50.0 mark separating growth from contraction even if it was above the 44.1 reading last month.
The weak surveys out of Europe added to a weak Japanese reading on manufacturing activity, which also showed new export orders fell at the fastest pace in almost three years. Washington and Beijing set a tentative timeline for a fresh round of face-to-face meetings ahead of a possible signing ceremony in late May or early June, according to a Wall Street Journal report.
Attention is now turning to how much more stimulus Beijing will apply without triggering more financial risks.The Australian dollar was 0.2 percent lower at $0.7163. It had earlier jumped to $0.7200 as traders wagered the Reserve Bank of Australia will not rush to ease rates even though the broader economy has seemingly lost momentum.
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