The slowdown in the world's second-largest economy is having a ripple effect around the globe
Weak manufacturing data out of China sparked a sell-off in Asia today. Specifically, both China's official purchasing managers index (PMI) and the Caixin/Markit manufacturing PMI revealed a continued slowdown in the country's economy. China's Shanghai Composite -- happy to be done with August -- closed down 1.2%, while Hong Kong's Hang Seng finished with a loss of 2.2%. Meanwhile, South Korea's Kospi gave back 1.4%, after weak demand from China triggered a 14.7% plunge in exports last month. However, it was actually Japan's Nikkei that suffered the worst losses, ending 3.8% lower amid weakness in exporters, a deceleration in corporate spending, and another accounting-related earnings delay for Toshiba.
Bleak data out of Asia has European stocks moving lower, as well. Making matters worse, Markit's eurozone composite PMI indicated slower growth in the currency bloc last month. Leading the decline around midday is Germany's DAX, which has surrendered 2.5%. London's FTSE 100, meanwhile, is down 2.2%, with France's CAC 40 facing a 2% deficit.
