A person walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, July 10, 2023, in Tokyo. –
China's economy has slowed faster than hoped after an initial surge in growth as the country bounced back from disruptions caused by the COVID-19 pandemic. Tokyo's Nikkei 225 slipped 0.6% to 32,189.73, while the Kospi in Seoul shed 0.2% to 2,520.70. Australia's S&P/ASX 200 declined 0.5% to 7,004.00.As expected, U.S. Treasurywrapped up a fence-mending visit to Beijing with no major agreements or breakthroughs in strained ties.
The S&P 500 lost 0.3% to 4,398.95, though slightly more stocks within the index rose than fell. The Dow Jones Industrial Average gave up 0.6% to 33,734.88, and the Nasdaq composite edged 0.1% lower, to 13,660.72.A lot is riding on whether the economy can navigate the narrow pathway to avoid a long-predicted recession. It needs to keep growing despite much higher interest rates instituted by the Federal Reserve to bring down inflation.