IMF chief fears ‘bumpy’ ride and warns that global growth is weaker than hoped, as China’s manufacturing shrinks at fastest rate since 2012 * Summary: Another bad day in the markets * Christine Lagarde: Get ready for Chinese spillovers * Introduction: More weak data from China * France and Greece drag eurozone factories down 3.08pm BST THE WEAK MANUFACTURING DATA HAS PUSHED WALL STREET EVEN LOWER, WITH THE DOW JONES INDUSTRIAL AVERAGE NOW DOWN 380 POINTS OR 2.3%. 3.08pm BST The slowdown in US manfacturing growth has been confirmed by the Institute of Supply Management. Its index of factory activity fell to 51.1 in August from 52.7 the previous month, the lowest reading since May 2013. It was below analysts’ expectations of a 52.6 reading. With the global economy - especially China - showing signs of slowing down, it is no surprise that US export orders are under pressure. ISM export orders lowest since 2009 record low. Prices Paid sink to 39 from 44. Continue reading...
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