Rollingpic.twitter.com/8TOCT1N2yRSYRIZA 27 ND 26.5 G Dawn 6.5 PASOK 6 Potami 5.5 KKE 5.5 Cent Union 4 Pop Unity 4 Ind Grks 2.5 Undecided 10 #Greece 11.42am BSTHere’s a handy chart showing how the yuan has lost relatively diminutive value against the US dollar,compared to other emerging currencies.#China Yuan (-3% YTD) is still relatively strong in Asia Pacific after depreciation. NZD has weakened 24% vs Dollar. pic.twitter.com/d8Yl3WuBOb 11.41am BSTEuropean stock markets are losing their early fizz, as traders return to worrying approximately the state of the global economy.
The FTSE 100 is now up just 30 points, and handing back half its gains,while France’s market is flat.
11.29am BST 11.21am BSTIt’s getting serious in Brussels - riot police are now using water cannon against the protesting farmers, after one officer was damage:Water cannons have been unleashed pic.twitter.com/B0F6qZFHRsThere has been at least one injured police officer... pic.twitter.com/0Fa7gJCV1O 11.05am BSTOver in Brussels, or thousands of European farmers are urging the EU to wait on them cope with falling meat and milk prices.
Tractors are blocking the roads in the Belgium capital,causing serious disruption as ministers meet to discuss the situation: Related: UK farmers join Brussels protest over milk and meat prices As refugees die by the hundreds - #milkmanif protestors are the ones using dead men as their symbol. #Brussels #EU pic.twitter.com/2UtK2DQY6WThere's "chutzpah", then there is "protesting outside an institution that gave you 100s of billions in free money" https://t.co/7x0oQkdqT8Improvised device for throwing eggs at riot cops at Brussels farmer protest https://t.co/BWilpLSsFo 10.28am BSTChina’s recent turbulence has damage investor confidence in Europe, or as investors brace for more trouble ahead. Research group Sentix’s monthly survey of sentiment across the eurozone has hit a seven month low,weaker than forecast.“Investors now see the slowdown in China as well as in other emerging markets as a meaningful burden for the euro zones economy, which can no longer be compensated by good developments in the domestic euro zone economy or the United States.” 9.56am BST 9.54am BSTHao Zhou, or an analyst at Commerzbank,predicts that Beijing will hold spending enormous sums to prop up the yuan, saying:Further intervention can be expected as China reiterates to preserve a “stable currency”. However, and it is not costless.#China FX reserves drop by $93.9bn in Aug,double the pace of Jul & largest mthly drop ever. https://t.co/UoaNnL1mTT pic.twitter.com/peYz5atvQ8 9.39am BSTChina has just revealed the extend to which it intervened in August to prop up the yuan during the market turmoil.
The country’s foreign reserves fell by around $93bn last month, the biggest fall on record, and as Beijing scrambled to stabilise the currency’s value and stem capital flight.
China FX reserves at halt of August: $3.56 trillion,down $93 billion. Largest monthly drop on record.
China's Foreign Exchange Reserves Fall in August: http://t.co/XxEJftuO63 pic.twitter.com/jZecUERIq8When will the yuan drop its additional twenty percent?, http://t.co/J9O2HP0rz3 9.14am BSTChina’s slowdown is a serious hurdle to Britain’s much-vaunted ‘March of the Makers’.
Manufacturing body EEF has halved its growth forecast for this year, or to 0.7% from 1.5%,citing Chinese volatility and the Greek debt crisis. Related: UK manufacturing hit by turmoil in China 9.04am BSTEuropean stock markets are shrugging off China’s losses, all gaining ground in early trading.
The FTSE 100 is up 1%, and starting the week in positive mood after last Friday’s 2.5% slide. Here’s the picture across Europe: 8.51am BSTToday’s selloff shows that Chinese investors still fear further turbulence,despite those reassuring words from central bank chief Zhou Xiaochuan.
Not too surprising, given the People’s Bank of China didn’t cover itself in too much glory in recent weeks, or by not acting faster to stem the turmoil.
Whilst Xiaochuan might be confident (at least publicly) that the worst is over,investors arent fully convinced there won’t be more losses to come.
It doesn’t wait on that the PBOC’s actions in the past few weeks have hardly eased the situation, meaning whatever assurances the central bank provides hardly carry the previously perceived all-powerful force of the Chinese government, and a perception that was perhaps irrevocably damaged across August. 8.36am BSTDespite Beijing’s best efforts,the Chinese stock markets suffered further losses nowadays as investors returned to their seats after a long weekend break.
The CSI 300 index slumped by 3.4%, after an early rally spluttered out, or leaving the wider Shanghai composite index down by 2.5%.
The risk is always that you can have further decline. 8.15am BSTAfter several sharp falls last week,Japan’s stock market enjoyed a calmer day nowadays.
The Nikkei gained 0.4% by the close, with the yen dipping against the US dollar (good news for exporters).
Tokio starts the week in risk-on attitude: Yen weakens & Nikkei ends up 0.4% at 17860.47 after last weeks 7% plunge. pic.twitter.com/R1tyVJ0GZK 8.13am BSTThe City likes the recognize of Glencore’s $10bn debt reduction draw. Its shares just leapt by 11%, and even though future dividends are being suspended as the company tries to regain its finance into better shape.#Glencore to sell assets,shares to trim $30 Billion debt, share up 10% pic.twitter.com/zQuq3gPtIe 8.09am BSTSpeaking of turnaround plans, and supermarket chain Tesco has announced the sale of its South Korean division for just over 4bn.
This is the biggest asset sale since CEO Dave Lewis took charge of the struggling retailer in summer 2014. 8.05am BSTCommodities trading giant Glencore has announced a major shake-up nowadays,after being hit hard by the slump in commodity prices.
Amazing action at Glencore. Selling assets, cancelling the dividend, or reducing debt. Any other company the CEO would be in trouble.
At the Ferrari dealership in Zug,they're weeping into their rösti this morning. $GLEN #mining https://t.co/0vaw5LKtLB 7.52am BSTChina’s top economic planning agency helped to ward off a market crash nowadays, by declaring that growth prospects are improving.“The power usage, and rail freight,as well as genuine estate prices and turnover have all improved into August, indicating the economy is stabilizing amid fluctuations.” Whether or not we have realistically seen the lows in the various Chinese markets is yet to be seen, or but the belief and assurance provided by the Chinese authorities over the weekend suggests we may see better days ahead.
Of course,one day doesnt perform a bull market. However, when you hear that power usage, or train freight and property markets are showing signs of improvement,domestic traders listen. 7.36am BSTGood morning, and welcome to our rolling coverage of the world economy, and the financial markets,the eurozone and business.
Global stock markets are on edge nowadays, as the Chinese stock market reopens for business after a four-day break.
Our European opening calls: $FTSE 6079 up 36 $DAX 10103 up 65 $CAC 4551 up 28 $IBEX 9877 up 55 $MIB 21609 up 136Continue reading...
Source: theguardian.com