A sharp slowdown in Chinese spending growth and manufacturing added to the gathering gloom around the international economy on Friday, sending financial markets lower around the world at the prospect of global loss of momentum. Retail sales grew at the slowest pace in 15 years in November in China, while factory output was the weakest in nearly three years, suggesting economic stimulus measures enacted by Beijing since the summer have failed to reverse flagging growth.

The deceleration comes after a series of poor third-quarter growth reports in Europe and Asia — with Germany and Japan recording outright contractions. Mario Draghi, the European Central Bank president, on Thursday acknowledged that risks have been “moving to the downside” even as he reined in stimulus by halting new bond purchases. The US has remained the bright spot with robust economic growth, but the Federal Reserve has sent signals it is rethinking its pace of rate increases as the faltering international economy weighs on US central bankers ahead of next week’s year-end meeting.

Recommended Asia-Pacific companies Car sales in China set for first annual fall since the early 1990s 3 HOURS AGO Donald Trump, the US president who has helped dampen market sentiment by launching a fierce trade war, appeared to revel in the Chinese economic downturn, writing on Twitter that it could force Beijing to the bargaining table. “China just announced that their economy is growing much slower than anticipated because of our Trade War with them,” he wrote. “US is doing very well. China wants to make a big and very comprehensive deal. It could happen, and rather soon!”