ASX to drop, global markets sink on China’s woes

News Snapshot:

On bitstamp.net, bitcoin was 0.1 per cent lower to $US29,301 at 4.30am AEST. The yield on the US 10-year note was 1 basis point higher to 4.20 per cent at 2.31pm in New York. On Wall Street, shares were broadly lower with all three major benchmarks at or near 1 per cent lower in afternoon trade. Investors least bearish on stocks since early 2022: BofA Equities are poised to struggle through the rest of 2023 in part with cash levels at global fund managers at a 21-month low, according to a monthly survey. “The difficulties facing China’s economy and financial...