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US markets fall on weak China data

Do Not UseDo Not Use 1/06/2016
NYSE traders © Reuters NYSE traders

(Open): US markets opened lower as the latest economic news cast fresh doubts on global growth prospects.

Official figures released overnight in China suggested a slight improvement in factory activity during May, but a private survey indicated contraction for the 15th month in a row.

Investors are also said to be cautious ahead of the ECB meeting on Thursday and US jobs figures due on Friday.

The Dow Jones Industrial Average fell 110.60 points, or 0.6%, to 17,676.60.

The wider S&P 500 index dropped 10.04 points to 2,086.92, while the tech-focused Nasdaq fell 23.48 points to 4,924.58.

Banking shares saw some of the largest falls, with Goldman Sachs down 2% to $156.40.

Shares in Michael Kors rose 5% to $44.85 after the handbag and accessories retailer reported a big rise in fourth-quarter revenues.

Revenue in the three months to 2 April rose 10.9% to $1.2bn, although this was helped by the opening of 142 new stores over the past year.

Same-store sales - seen as a better measure of underlying strength - rose by 0.3%, which Neil Saunders, of retail analysts Conlumino, described as "anaemic".

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