Stocks drop as Chinese, eurozone data disappoint

Eurozone economic activity fell to 49.9 points in June, just under the 50-point mark indicating zero growth, according to revised figures from the keenly-watched HCOB Eurozone Composite purchasing managers' index.

Apart from the odd pledge of action and some small interest rate cuts, Chinese authorities have done little to address the problem as the economy has sputtered despite the end of Covid restrictions late last year. "It sounds like she will have her work cut out for her, but in any case, there is an identifiable excuse for market participants to take some money off the table in stocks that have made big runs and it appears that is an aim ahead of today's open," O'Hare wrote shortly before trading began.

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