China’s stock market crash on Monday triggered its first ever halt and rattled markets worldwide.
Japan’s Nikkei Stock Average lost 3.1%, Hong Kong’s Hang Seng Index fell 2.7%, and South Korea’s Kospi declined 2.2%. Continue reading
Global markets are hemorrhaging. How many more band-aids can be put on a wound that is somehow only delaying the death of the patient?
Britain’s leading share index fell to 6,286 points on Friday morning immediately after opening, a decline of 1.26%.
The drop mirrored stock markets across Asia-Pacific after they went into “panic mode” when further signs of a weakening Chinese economy compounded overnight losses on Wall Street and European bourses.
China’s factory sector shrank at its fastest pace in more than six years in August as domestic and export demand dwindled, a private survey showed, adding to worries that the world’s second-largest economy may be slowing sharply and sending financial markets into a tailspin.
China’s surprise devaluation of the yuan and heavy selling in its stock markets in recent weeks have sparked fears that it could be at risk of a hard landing, which would hammer world growth. Continue reading
Hong Kong’s de facto central bank bought $2.07 billion this week to stop the local currency from strengthening beyond its 31-year-old peg to the greenback.
Share listings, dividends and mergers and acquisitions are driving demand, the Hong Kong Monetary Authority said July 26. OAO MegaFon, Russia’s second-largest wireless operator, has shifted some of its cash holdings into the city’s dollar as the U.S. and Europe ratchet up sanctions, Chief Financial Officer Gevork Vermishyan said in an interview yesterday. Continue reading