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Global selloff deepens as China flash PMI affirms slowdown fears

It shows slowdown cited by the Fed in its decision to hold rates still has further to run

Published Wed, Sep 23, 2015 · 09:50 PM
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Hong Kong

THE selloff in riskier assets gained pace on Wednesday as a preliminary Chinese manufacturing gauge plunged to the lowest level since the depths of the global financial crisis, sending stocks and commodity currencies tumbling and boosting sovereign bonds.

Futures on shares in the US, Europe and Japan slid. Asian stocks headed for their biggest three-day loss since August's market rout as Chinese shares tumbled in Hong Kong and Shanghai. The preliminary Purchasing Managers' Index from Caixin Media and Markit Economics was at 47.0 for September, the lowest level since March 2009, when global equity markets bottomed after the collapse of Lehman Brothers Holdings Inc.

Australian bonds surged and Treasuries adva…

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