Weak US manufacturing data and a new warning about the federal debt ceiling shook financial markets, underlining the enduring risks to the world’s largest economy in 2014.
The S&P 500 dropped by as much as 1.8 per cent after a sharp fall in the manufacturing ISM index from 56.5 in December to 51.3 in January, a level consistent with only modest growth in output.
Markets also had a reminder about dangers from fiscal policy as Jack Lew, the US Treasury secretary, issued an urgent call for Congress to raise the debt ceiling by the end of the month.
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