Contracts for share benchmarks in Japan and Australia dropped, while those for Hong Kong equities were flat. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest rate expectations, declined 0.9%. US futures were little changed in early Asian trading.
The Institute for Supply Management’s US services index for August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. “The ISM Services Sector report underscores the resilience of the largest portion of the economy,” said Quincy Krosby, chief global strategist at LPL Financial, who pointed to higher prices shown within the data. “This is is certainly not good news for a data-dependent Fed.”
Oil clung to a Wednesday gain, extending a run of nine daily advances. West Texas Intermediate has risen around a fifth in the past three months to edge closer toward $90 per barrel.
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Asia stocks fall as global growth concerns mountAsia stocks fell on Wednesday after weak economic data in China and Europe heightened concerns over global growth, while the dollar firmed as investors weighed the outlook for U.S. interest rates. The Hang Seng Index and China's benchmark CSI300 Index both opened down about 0.3%. A private-sector survey on Tuesday showed China's services activity expanded at the slowest pace in eight months in August, reflecting weak demand.
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Asia stocks fall as global growth concerns mountBy Kane Wu HONG KONG (Reuters) - Asia stocks fell on Wednesday after weak economic data in China and Europe heightened concerns over global growth, ...
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Stocks shape up for lower open amid China data gloomStock futures slipped on Tuesday, as traders weighed data showing China's economy is still struggling to recover.
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Stocks edge lower amid China data gloom: Stock market news todayStocks slipped on Tuesday, as traders weighed data showing China's economy is still struggling to recover.
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