"China's fading optimism triggers global share drop and sends Aussie tumbling"

Global equities dropped as weak service sector data raised concerns about China's post-pandemic economy, while Australia's central bank kept interest rates unchanged, leading to a decline in the Australian dollar. European equity indexes opened lower, and Asian shares also fell. The recent rally in China shares is losing steam as a private-sector survey showed that China's services activity expanded at the slowest pace in eight months. Investors are hoping for more substantial policy stimulus from Beijing to stabilize the Chinese economy. The Australian dollar experienced its biggest daily drop in a month after the central bank's decision, and markets are pricing in a high chance of the Fed keeping rates unchanged this month.