Fifty Chinese brokerages have vowed to pledge a total of 100 billion yuan ($15.7 billion) to back up stock purchases, as regulators move to further prop up the shaking market, reported Securities Times.
China’s factory activity continued to lose steam in August, suggesting the world’s second largest economy faces prolonged downward pressure, official data showed Tuesday.
Stocks tumble the most since 2007, as policy support measures fail to restore market faith.
NZDUSD is forming a descending triangle on its 4-hour time frame, making lower highs and finding support around the .6500 major psychological level. Price just got rejected on its latest test of the triangle resistance and is making its way back towards the bottom of the triangle.
Last week, the People’s Bank Of China allowed the yuan to fall sharply, causing chaos in share markets and drawing criticism from multinationals who said the move would hurt their businesses.
More concerns overnight in China as securities regulator open an investigation into potential irregularities in China largest single day sell off in more than 8 years.
This week, China (FXI, quote) released data showing that the nation’s economic growth was steady at 7 percent in the second quarter, surprising analysts who were expecting the figures to be weaker.
Frozen, the movie made a fortune for Walt Disney (DIS, quote), and yes I did watch it, and listened to a young girl sing the song…a lot.
Alcoa Inc. (AA, quote) reported second-quarter numbers on Wednesday which came below analysts’ expectations. Revenue for the quarter rose 1 percent year-over-year to $5.9 billion, while earnings increased to $140 million from $138 million it reported for the same quarter last year.
China’s state asset regulator ordered the country’s centrally administered state-owned enterprises (SOEs) not to sell shares of their listed companies amid “abnormal market volatility” in an effort to stem massive stock market sell-offs.
