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DECPG Daily: Global equities weaken…German business sentiment improves in June…Chinese manufacturing slows

Global Macroeconomics Team's picture
Financial Markets…Global equities edged lower on Monday as mounting speculation  that the U.S. central bank will scale back its stimulus program, combined with a prospect of tighter credit conditions in China, pushed risk-aversion among investors higher. The benchmark MSCI world stock index fell 0.8% to add to last week’s loss of 3.2%, while MSCI’s developing-country index slid for a fifth consecutive day to a one-year low. Notably, China’s Shanghai Composite Index tumbled 5.3% today, the steepest decline since August 31, 2009.