Asia markets struggle after more weak China data
China's consumer prices have contracted for the first time in more than two years as slowing domestic spending weighs on the country’s post-Covid economic recovery. – EPA pic, August 9, 2023.
ASIAN markets wavered today after data showing the first drop in Chinese consumer prices compounded worries about the world’s number two economy. The mood on trading floors was already glum after another sell-off on Wall Street fuelled by fresh concerns over the banking sector and talk of another possible Federal Reserve rate hike.
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