Stocks in Asia edged up Tuesday morning as weak economic data in Europe fueled fears of slowing growth.
Data released Monday stoked fears of a deteriorating global economic outlook. Manufacturing activity in Germany fell to its lowest level since the financial crisis this month, data from IHS Markit showed. Germany’s services sector also grew at its slowest pace in nine months.
Given the weak PMIs, it is possible Germany may have entered a mild technical recession in Q3 — something the Bundesbank flagged as a risk in their latest monthly report.
Overall, manufacturing in the euro zone fell to a more than six-year low while services grew at its slowest pace in eight months, IHS Markit said.
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