Friday, 22 June 2012

Global economy slows in June

Markets tumbled on Thursday amid reports showing that the global economy growth slowed in June.

HSBC's China manufacturing PMI fell to 48.1 in June from 48.4 in May, according to preliminary data.

Flash eurozone data from Markit also showed a decline in the manufacturing PMI, which fell to 44.8 in June from 45.1 in May. However, the services index edged up to 46.8 in June from 46.7 in May and helped the composite output index stay unchanged at 46.0 in June.

Markit's flash US manufacturing PMI fell to 52.9 in June from 54.0 in May.

On a more positive note, the Conference Board's leading index for the US economy rose 0.3 percent in May.

Still, Moody's downgrade of some of the world's biggest banks ensured that the day ended on a negative note.

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