Early Tuesday in the US, global stocks are staging a recovery even though China is down another 7.6%. The S&P 500 is indicated +2.8%, and oil futures are indicated +3.5%. Here are the top global business stories for today, August 25, 2015.
China Stocks Crash Again, But Global Markets Recover. China stocks closed sharply lower Tuesday but the damage was largely contained with most of Asia and Europe staging a recovery from Monday’s dramatic selloff.
Chinese Rate Cut Is Well Received Globally. China cut interest rates for the fifth time in nine months on Tuesday, in a new effort to shore up slowing economic growth. The global markets responded positively to the news.
Japan Questions Chinese Data. “There’s also suspicion on whether China’s official GDP figures reflect the real state of the economy,” Japanese Finance Minister Taro Aso told a news conference after a cabinet meeting in Tokyo. He also said Chinese stocks, which had more than doubled in the six months to May, had been a bubble that was now bursting.
China Leading Economic Index Rises, But Exposes Weaknesses. The Conference Board Leading Economic Index® for China increased 0.9% in July to 331.2, following a 0.6% increase in June and a 1.1% increase in May. The growth was due to bank loans, and the manufacturing and export readings were weak.
Brazil To Fall Deeper Into Recession. Brazil analysts forecast faster inflation and a deeper contraction next year, putting them at odds with the country’s top economic officials.
Singapore’s President Dissolves Parliament. Singapore’s parliament has been dissolved, the government said on Tuesday, a sign that an announcement on the date of the general election is imminent.
Funding For Iran Nuke Monitoring A Concern. An International Atomic Energy Agency meeting this month will consider how to finance the monitoring of Iran’s nuclear deal with world powers, which could run up to $10.5mm/year.
Korean Nations Step Back From The Brink. After 40-plus-hours of talks, North and South Korea on Tuesday pulled back from the brink with an accord that allows both sides to save face and, for the moment, avert the bloodshed they’ve been threatening each other with for weeks.
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