Signs China’s slowdown is getting worse and weak growth in Europe have further damaged the outlook for the global economy, sending stocks and commodity prices reeling on Friday.

China’s vast factory sector shrank at its fastest rate in almost 6-1/2-years in August, a private survey showed, pushing investors who fear China’s sagging economy will translate into slower global growth to take refuge in gold and bonds.

World markets had already been on edge after China’s surprise devaluation of the yuan last week and a near-collapse in its stock markets in early summer.

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