The global economy roiled world financial markets Tuesday after a report on leading indicators in China was revised lower.
The Conference Board, a New York-based research group, said its Leading Economic Index for China rose 0.3% in April after an increase of 1.2% in May. The group originally reported a 1.7% gain in April, but that was revised lower due to a miscalculation.
China has recovered strongly from the global slump in 2008 and 2009. The nation's economy expanded at a nearly 12% rate in the first quarter of this year, driven largely by industrial growth and retail sales.
That has many investors looking to China and other emerging economic engines to power the global economy.
China has become increasingly important as economic conditions in Europe have deteriorated and the outlook for U.S. growth has come into question.
"If these numbers turn out to be true, that leads to questions about how strong the global recovery will be if Asia is not participating," said Ryan Larson, head of U.S. equity trading at RBC Global Asset Management.
No comments:
Post a Comment