China's Optimism Fades as Weak Data Emerges
Investor sentiment on China weakens as new data reveals sluggish services activity in August, marking the slowest expansion in eight months and highlighting ongoing concerns about the country's economy. The weak data, in line with the official services PMI released last week, led to a decline in markets. Attention is focused on China's largest private property developer, Country Garden, as it made interest payments on two U.S. dollar bonds just as a grace period was set to end. In other news, the Reserve Bank of Australia kept interest rates steady, while a range of data in the European hours will provide further insights into the region's economy ahead of the European Central Bank's policy meeting next week. Danish drugmaker Novo Nordisk launched its popular weight-loss injections in the UK, contributing to its rise as Europe's most valuable listed company.
