China’s stocks declined after Moody’s Investors Service cut its rating on the country’s debt, saying the outlook for its financial strength will worsen. The Aussie dollar dropped.
The Shanghai Composite Index headed for the lowest closing level since October as Moody’s reduced its rating on China amid concerns over rising debt and slowing economic growth. Outside Chinese and Hong Kong markets, most Asian stocks were higher.
British assets remain in focus in the wake of the suicide bombing in Manchester, as Prime Minister Theresa May warned that further attacks could be imminent. Oil extended a five-day surge.