China's slowdown worsened in May as its factories saw a further deterioration in demand at home and abroad, dealing a new blow to a global economy struggling with a sharp downturn in Europe and a faltering recovery in the United States.
The darkening outlook was underlined by data showing the fourth monthly decline this year in exports from South Korea, the first major economy to report May numbers, as shipments to the United States, Europe and China all fell.
Equities, the euro and growth-linked currencies all fell after Friday's gloomy data, which followed reports on Thursday showing India's growth at its weakest in nine years.
Manufacturing surveys from Europe later are not expected to offer much comfort, while investors' jitters over the key U.S. non-farm payrolls report, due at 1230 GMT, have been rising since a separate report on Thursday showed U.S. private employers created fewer jobs than expected last month.
"I don't think Friday's numbers are going to be any better. It's been a dismal week so far, and we haven't hit bottom," said Jim Ritterbusch, president at oil trading advisory firm Ritterbusch & Associates.
Read more: http://www.reuters.com/article/2012/06/01/us-global-economy-idUSBRE85008R20120601
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