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The Guardian - UK
The Guardian - UK
Business
Larry Elliott Economics editor

Global economic fears deepen as service sector dips in China and Europe

China Europe eurozone Country Garden Economy United Kingdom
Beijing has put pressure on lenders to cut mortgage rates and make it easier to buy unsold homes in China
Beijing has put pressure on lenders to cut mortgage rates and make it easier to buy unsold homes in China. Photograph: AFP/Getty Images

Fears about the health of the global economy have intensified following downbeat news about service sector activity in China, the eurozone and the UK.

Share prices fell in Asia and the pound dropped to a 12-week low against the US dollar after fresh signs of weakness in China triggered speculation that its post-lockdown recovery was running out of steam.

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