Broadgate: Market News 4/6
4 June 2012
Asian stocks fell, with every major benchmark gauge in the region retreating, as economic data in U.S. and China increased concern about global growth.
U.S. payrolls climbed by 69,000 last month, lower than the most pessimistic forecast in a Bloomberg News survey, and the jobless rate rose to 8.2 percent. The Institute for Supply Management’s factory index fell after reaching a 10-month high.
China’s non-manufacturing industries expanded at the slowest pace in more than a year as export orders declined and weakness in real estate countered strength in retailing and leasing, an official survey indicated.
The euro weakened versus the dollar amid concern that the stalling global economy may make it more difficult for European leaders to agree on how to resolve the region’s debt crisis. Leaders continued to dispute the details of support for the currency bloc, as euro-area unemployment reached its highest level on record, manufacturing output contracted for a 10th straight month in May and the currency plunged close to a two-year low against the U.S. dollar.
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