US Debt Crisis Rattles Global Economy

Global shares experienced a decline as investors awaited a crucial vote in Washington on the U.S. debt ceiling. The MSCI All-World Index, which was on track for its first monthly decline since February, dropped 0.4% in early U.S. hours. U.S. stock index futures also fell by 0.4%. Concerns over faltering growth in China, the world's second-largest economy, added to the negative sentiment. China's manufacturing declined in May, coupled with a slowdown in services growth, indicating a loss of momentum in the Chinese economy and negatively impacting the global economic outlook. The Chinese yuan reached its lowest level since November, and other China-sensitive assets, such as the Australian dollar, crude oil, and copper, also experienced declines.