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World stocks extended losses on Thursday as evidence suggested both the Chinese and European economies were slowing, while the yen slid to multi-year lows against the dollar and euro.

The China flash HSBC/Markit manufacturing purchasing managers’ index showed factory output contracted in the world’s second-biggest economy for the first time in six months.

In Europe, signs were just as gloomy as the private sector in its biggest economy, Germany, grew at the slowest rate in 16 months, and in France a slight pick-up was overshadowed by the fastest drop in new business in over a year.

China’s data had left Asian stocks excluding Japan’s high-flying Nikkei at a month low, and Europe’s dour figures saw its main stock markets in London, Frankfurt and Paris tumble 0.4, 0.6 and 0.8 per cent, respectively.

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