Worldwide News
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Asian stocks fell the most in 10 months and metals sank on disappointing Chinese manufacturing data. The dollar rose against most of its major peers as Federal Reserve Chairman Ben S. Bernanke said the central bank may cut bond purchases once it’s confident of sustained economic gains.
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China’s manufacturing is contracting in May for the first time in seven months, adding to signs that economic growth is losing steam for a second quarter.
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Japan’s Topix Index headed for its biggest drop since April 1 as financial and real estate shares plunged amid rising bond yields. Exporters slid as the yen gained and a Chinese manufacturing index unexpectedly signaled contraction.
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Ford Motor Co. will stop making cars in Australia, nine decades after founder Henry Ford first began building Model Ts in the country, as a surge in the currency undermines the local industry’s ability to compete with imports.
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