Asian shares retreated on Tuesday after a report showed that U.S. manufacturing contracted in May, in the latest sign the economy is slowing.India’s Sensex led the region’s losses, plunging 4.1% to 73496.24 as the vote count for the country’s six-week-long national election appeared to show a lower than expected seat count for incumbent Prime Minister Narendra Modi’s party, although his National Democratic Alliance was comfortably leading its closest rival.
Treasury yields also slid in the bond market after the report by the Institute for Supply Management showed U.S. manufacturing shrank in May for the 18th time in 19 months. Manufacturing has been hit particularly hard by high interest rates meant to get high inflation under control. That can also hit Asian economies that rely on exports.
On Tuesday, the U.S. government will show how many job openings employers were advertising at the end of April. And on Friday, it will give the latest monthly update on overall growth for jobs and workers’ wages. On the winning side were some big technology stocks that keep flying regardless of what the economy is doing.
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