Asian Markets Sink on Poor China Manufacturing Data

“Stocks dropped and commodities declined to the lowest level since November 2010 as reports on manufacturing in Europe and China signaled output is shrinking and the Federal Reserve cut growth estimates. U.S. index futures erased declines, while Spanish bonds rose after an auction.

The MSCI All-Country World Index fell 0.2 percent at 7:33 a.m. in New York. Standard & Poor’s 500 Index futures rose less than 0.1 percent, after dropping as much as 0.6 percent. Chinese stocks sank to the lowest level since March. Spain’s two-year yield slipped 24 basis points to 4.78 percent. The euro depreciated 0.1 percent to $1.2691. The S&P GSCI gauge of 24 commodities is down more than 20 percent from the closing high in February, the common definition of a bear market. Oil earlier fell below $80 a barrel for the first time in eight months.”

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