Asian stocks retreated on Wednesday, with uncertainty over the Federal Reserve's future rate hike path, more disappointing Chinese economic data and fresh concerns over the health of the U.S. banking sector keeping investors nervous.
U.S. consumer spending continues to show signs of persistent strength, raising concerns that interest rates will remain higher for longer.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.