Business Bites: PMI fall for Chinese manufacturing
Economists are growing increasingly concerned that the effects of Europe's debt crisis are spreading further around the world.
Official data from China shows the country's manufacturing industry has experienced a sharp slowdown in new orders.
China's purchasing managers index, which measures activity in factories, fell to 50.4 in May.
Meanwhile, poor job statistics from the US show that nearly one in 12 Americans are still looking for work.
The BBC's Aaron Heslehurst discusses the key financial story of the day.