World stocks, oil tumble as grim China PMI sparks growth fears

August 21, 2015 8:58 AM

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World stocks, oil tumble as grim China PMI sparks growth fears

TOKYO/SINGAPORE World stock markets tumbled on Friday after a survey showed Chinese factories contracted at their fastest pace since the depth of the global financial crisis in 2009, sending investors scurrying to the safety of bonds and gold.

Emerging market assets took a hammering, and oil prices were on track for their longest losing streak since 1986, as fears of a China-led deceleration in global growth gripped markets.

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