Sluggish manufacturing data from China as well as renewed weakness of the renminbi weighed on commodity prices, fuelling concerns over the country’s demand for raw materials.
Further evidence of slowing growth in China’s manufacturing sector unnerved investors, who had been hoping that the latest stimulus measures would help reboot activity in the second quarter.
The unofficial Caixin purchasing managers’ index, which provides a snapshot of operating conditions in the country’s industrial sector, fell to 49.2 in May, slightly lower than the previous month, and below the neutral 50 level for the 15th successive month.
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