Asian shares retreated on Tuesday after a report showed that U.S. manufacturing contracted in May, in the latest sign the economy is slowing.
for the country's six-week-long national election appeared to show a lower than expected seat count for incumbent Prime Minister Narendra Modi 's party, although his National Democratic Alliance was comfortably leading its closest rival.
Treasury yields also slid in the bond market after the report by the Institute for Supply Management showed U.S. manufacturing shrank in May for the 18th time in 19 months. Manufacturing has been hit particularly hard by high interest rates meant to get high inflation under control. That can also hit Asian economies that rely on exports.
Stocks of companies whose profits are most closely tied to the strength of the economy dropped to the market’s worst losses. That included the oil-and-gas industry, as the price of crude tumbled on worries about weaker demand growth for fuel. In other dealings early Tuesday, U.S. benchmark crude oil lost 85 cents to $73.37 per barrel in electronic trading on the New York Mercantile Exchange.Donald Trump Reveals How Melania Reacted To His Conviction In The Hush Money TrialOpen an Account Now!
A federal appeals court will no longer accept complaints about Aileen Cannon, the judge presiding over the federal criminal case against Donald Trump in Florida, that appear to be part of an “orchestrated campaign.”Fox News' Brit Hume Puts Lara Trump On Blast Over 'Stupid' Campaign MoveFord CEO on the future of EVs, Detroit, and his relationship with Tesla's Elon Musk
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