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| Shanghai Stocks Continue to Dive as Global Markets Elsewhere Stabilize | |
| (about 1 hour later) | |
| ■ In China, the benchmark Shanghai composite index opened 6.4 percent lower. | ■ In China, the benchmark Shanghai composite index opened 6.4 percent lower. |
| ■ Most other Asian markets stabilized or rallied modestly, swinging from losses to gains. Japanese stocks opened sharply lower but recovered. | ■ Most other Asian markets stabilized or rallied modestly, swinging from losses to gains. Japanese stocks opened sharply lower but recovered. |
| ■ The international and American oil benchmarks rebounded tentatively, despite concerns about oversupply. | ■ The international and American oil benchmarks rebounded tentatively, despite concerns about oversupply. |
| ■ Stock markets in the United States traded in a volatile session on Monday, with the Standard & Poor’s 500-stock index closing down nearly 4 percent. | ■ Stock markets in the United States traded in a volatile session on Monday, with the Standard & Poor’s 500-stock index closing down nearly 4 percent. |
| After a three-day rout that erased nearly $3 trillion in value from stocks globally, markets on Tuesday showed signs that selling pressures were easing. | After a three-day rout that erased nearly $3 trillion in value from stocks globally, markets on Tuesday showed signs that selling pressures were easing. |
| Volatility continued to dominate early trading in Asia, but many regional markets swung from losses to gains for the first time in days. Stocks in Japan opened sharply lower but had recovered by late morning, while shares in Australia, Hong Kong, Singapore and South Korea were staging a modest rally. | Volatility continued to dominate early trading in Asia, but many regional markets swung from losses to gains for the first time in days. Stocks in Japan opened sharply lower but had recovered by late morning, while shares in Australia, Hong Kong, Singapore and South Korea were staging a modest rally. |
| Across Asia, the free fall of the past few days appeared to have ended — except in China, where Shanghai stocks opened 6.4 percent lower after Monday’s 8.5 percent plunge. | Across Asia, the free fall of the past few days appeared to have ended — except in China, where Shanghai stocks opened 6.4 percent lower after Monday’s 8.5 percent plunge. |
| Markets around the world have been jolted in recent days by concerns over China’s economic malaise and investors’ newfound distaste for emerging markets, which for a decade had been viewed as promising engines of global growth. | Markets around the world have been jolted in recent days by concerns over China’s economic malaise and investors’ newfound distaste for emerging markets, which for a decade had been viewed as promising engines of global growth. |
| The sell-off had weighed heavily on commodities and regional currencies, pushing the prices of many to their lowest levels since the financial crisis. | The sell-off had weighed heavily on commodities and regional currencies, pushing the prices of many to their lowest levels since the financial crisis. |
| But signs of a rebound emerged in early Asian trading on Tuesday. Many Asian currencies rose against the dollar for the first time in days. The Japanese yen, a regional haven currency, slipped against the dollar after a four-day rally. | But signs of a rebound emerged in early Asian trading on Tuesday. Many Asian currencies rose against the dollar for the first time in days. The Japanese yen, a regional haven currency, slipped against the dollar after a four-day rally. |
| Futures contracts for American and European benchmark oil prices rose sharply. Industrial metals also rose. Shanghai copper futures rose more than 1 percent in morning trading. | Futures contracts for American and European benchmark oil prices rose sharply. Industrial metals also rose. Shanghai copper futures rose more than 1 percent in morning trading. |
| However, big questions about the health of China’s economy, and the capacity of the country’s leaders to manage its slowdown, remain unanswered. | However, big questions about the health of China’s economy, and the capacity of the country’s leaders to manage its slowdown, remain unanswered. |
| The slump in China’s stock market has come amid conflicting signals from Beijing. | The slump in China’s stock market has come amid conflicting signals from Beijing. |
| After a tremendous rally fizzled in June, the Chinese government resorted to exceptional measures to try to prop up share prices, including ordering state agencies to buy shares and banning large shareholders from selling. Those measures now appear to have failed. | After a tremendous rally fizzled in June, the Chinese government resorted to exceptional measures to try to prop up share prices, including ordering state agencies to buy shares and banning large shareholders from selling. Those measures now appear to have failed. |
| By late morning on Tuesday, China’s were the only major markets in Asia still in negative territory. The Shanghai index was trading at its lowest level so far this year, down about 4 percent from Monday, while Shenzhen was 5 percent lower. | By late morning on Tuesday, China’s were the only major markets in Asia still in negative territory. The Shanghai index was trading at its lowest level so far this year, down about 4 percent from Monday, while Shenzhen was 5 percent lower. |
| In an apparent reflection of policy-making dissonance in Beijing, China’s state-controlled financial news outlets gave voice to a debate about future state intervention in the markets. | In an apparent reflection of policy-making dissonance in Beijing, China’s state-controlled financial news outlets gave voice to a debate about future state intervention in the markets. |
| “The slump in the stock markets is destroying what remains of investor confidence, and this problem is profoundly serious,” said a front-page commentary on Tuesday in the official Securities Daily, defending interventionist policies. | “The slump in the stock markets is destroying what remains of investor confidence, and this problem is profoundly serious,” said a front-page commentary on Tuesday in the official Securities Daily, defending interventionist policies. |
| However, a rival commentary in another official news outlet, The Economic Information Daily, said that it was time for the government to step back from shoring up the stock market. | However, a rival commentary in another official news outlet, The Economic Information Daily, said that it was time for the government to step back from shoring up the stock market. |
| “The domestic policy focus should be on steadily retreating from stock market bailout policies,” the front-page commentary said. “Government bailouts are meant to avert financial risks, not to prop up stock prices.” | “The domestic policy focus should be on steadily retreating from stock market bailout policies,” the front-page commentary said. “Government bailouts are meant to avert financial risks, not to prop up stock prices.” |