China, Fed frenzy send Aus stocks tumbling

Investors descended into selling frenzy that propelled the Australian stock market more than 2% lower as disappointing Chinese manufacturing data added to their woes after the US Federal Reserve said it would start weaning markets off stimulus as early as September.

Investors descended into selling frenzy that propelled the Australian stock market more than 2% lower as disappointing Chinese manufacturing data added to their woes after the US Federal Reserve said it would start weaning markets off stimulus as early as September. 

China’s HSBC flash manufacturing read hit a nine-month low of 48.3 for June, down on the 49.2 posted in May, extending falls across Asian bourses.

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