US auto sales stalled in June amid fears that the fragile economic recovery is sputtering, industry data showed Thursday."We've talked a lot about recovery but it doesn't seem to be going in that direction," said Jessica Caldwell, a senior industry analyst at Edmunds.com"Consumers are waiting for a deal, otherwise they don't want to buy."
By Jonathan Cable and Adam RoseLONDON/BEIJING (Reuters) - China's vast factory sector contracted again this month and the expected acceleration in euro zone business activity failed to materialize, highlighting the fragile state of a global economy.
By Jonathan CableLONDON (Reuters) - An expected acceleration in euro zone business activity failed to materialize this month and firms cut prices again to drum up trade, which may further stoke fears of deflation in the currency bloc, surveys showed.
Markets are lower despite U.S. manufacturing data that showed the strongest improvement in overall business conditions since May 2010. The Dow is down 25 points, the S&P 500 is down 1 point, and the Nasdaq is down 4 points.
Car sales in Europe dropped by 18.6 percent in July and 12.9 percent in August on 12-month comparisons, official data from the European Automobile Manufacturers Association showed on Thursday.August was the fifth straight month of declining sales as many European countries wind down their cash-for-clunkers programmes launched last year to prop up the ailing auto market during the global economic crisis.Sales fell 7.4 percent in April, 9.3 percent in May and 6.9 percent in June.