Stocks around the world drop on China factory data

Hong Kong

STOCKS around the world fell as reports showed the contraction in China's manufacturing sector continuing through October, rekindling concerns about the world's second-largest economy. Turkish assets surged after President Recep Tayyip Erdogan's AK Party was restored to power.

The MSCI All Country World Index slumped after a private gauge of Chinese factory activity in October came in at 48.3, higher than the previous month's reading but still below 50, the border between expansion and contraction. Standard & Poor's 500 Index futures dropped with the Stoxx Europe 600 Index, while Asian shares also slid. The lira jumped the most since 2008 as Mr Erdogan's party won a clear majority, putting an end to months of political uncertainty. Italian and Spanish bonds slid.