The Most Important Stories In Business & Economics Today
Early Monday in the US, global stocks are getting crushed as China panic reaches a fever pitch (China stocks -8.5% today). The S&P 500 is indicated -3.1%, and oil futures are indicated -3.8%. Here are the top global business stories for today, August 24, 2015.
China’s Black Monday Sends Panic Wave Rippling Across Global Markets. Global shares screamed lower Monday with China’s Shanghai composite index suffering its biggest one-day fall since 2007 to close 8.5% lower as investors shaken by last week’s sell-off on Wall Street and fears over China’s slowing economy unloaded shares. US index futures signaled losses will cascade in the world’s biggest stock market as Nasdaq futures were halted after hitting the circuit breaker down 5%.
China OKs Pension Funds To Pour $97B Into Market. China on Sunday allowed pension funds managed by local governments to invest in the stock market for the first time, potentially channeling hundreds of billions of yuan into the country’s struggling equity market.
No Fed September Rate Hike? The Federal Reserve is likely to leave short-term interest rates near zero at its September policy meeting, according to a newly released survey of business economists. The market turmoil only solidifies that consensus.
Euro Strengthens To $1.15 For First Time Since February. The euro strengthened to $1.15 for the first time since February and the yen also rallied as most traders stopped believing the Federal Reserve will raise interest rates next month.
OPINION: Why The Bear Of 2015 Is Different From The Bear Of 2008. It’s tempting to see similarities in this global stock market mini-crash and the monumental meltdown that almost took down the Global Financial System in 2008-2009.
Amid The Carnage, Vultures. After this earthshaking selloff, several market strategists are already calling for a bounce—and looking out for potential opportunities amid the wreckage.
One Of Wall St’s Biggest Bulls Throws In The Towel. For years, Piper Jaffray has been one of the biggest bulls on Wall Street, and with good reason. This week, though, amid market carnage not seen since the financial crisis, the firm has decided it’s seen enough.
Apple Still Seeing Strong Growth In China. CEO Tim Cook said this morning: “I get updates on our performance in China every day, including this morning, and I can tell you that we have continued to experience strong growth for our business in China through July and August.”