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Chinese stock market surges 5% as 'authorities intervene' - live updates Chinese stock market surges 5% as 'authorities intervene' - live updates
(35 minutes later)
10.24pm AEST13:24
SUMMARY
A quick recap of the main points
10.16pm AEST13:16
Speaking of Grexit...former finance minister Yanis Varoufakis has argued that, bad through the eurozone is today, Greece shouldn’t try to get out.
That’s one highlight from an interview with Varoufakis by The Conversation, who asked nine economists to put questions to him.
For instance:
Mark Taylor, University of Warwick - Would you agree that Greece does not fulfil the criteria for successful membership of a currency union with the rest of Europe? Wouldn’t it be better if they left now rather than simply papering over the cracks and waiting for another Greek economic crisis to occur in a few years’ time?
Varoufakis: The eurozone’s design was such that even France and Italy could not thrive within it. Under the current institutional design only currency union east of the Rhine and north of the Alps would be sustainable. Alas, it would constitute a union useless to Germany, as it would fail to protect it from constant revaluation in response to its trade surpluses.
Now, if by “criteria” you meant the Maastricht limits, it is of course clear that Greece did not fulfil them. But then again nor did Italy or Belgium. Conversely, Spain and Ireland did meet the criteria and, indeed, by 2007 the Madrid and Dublin governments were registering deficit, debt and inflation numbers that, according to the official criteria, were better than Germany’s. And yet when the crisis hit, Spain and Ireland sunk into the mire. In short, the eurozone was badly designed for everyone. Not just for Greece.
So should we cut our losses and get out? To answer properly we need to grasp the difference between saying that Greece, and other countries, should not have entered the eurozone, and saying now that we should now exit. Put technically, we have a case of hysteresis: once a nation has taken the path into the eurozone, that path disappeared after the euro’s creation and any attempt to reverse along that, now non-existent, path could lead to a great fall off a tall cliff.
Varoufakis also denied bluffing during the months of negotiations, and revealed he was once accused of ‘lecturing’ the eurogroup....
.@yanisvaroufakis explains what happened during the Troika negotiations. Read in full here: http://t.co/OnXqljGdU3 pic.twitter.com/clZcZeOwKt
10.03pm AEST13:03
ECB's Cœuré: Evil genie of Grexit must be slain
Benoît Cœuré, an executive board member of European Central Bank, has taken a stinging swipe at those who allowed Greece to almost crash out of the eurozone this summer.
In a speech to ambassadors in Paris, Cœuré demanded that eurozone leaders achieve closer unity, to avoid the single currency splintering.
In what looks rather like an attack on Germany’s finance minister Wolfgang Schäuble, Cœuré said the euro was “an irreversible project, not simply a fixed exchange rate system”.
This statement is all the more necessary as the recent negotiations concerning Greece have let the evil genie of a country exiting the euro area (even temporarily) out of the bottle. The exit of a member country would inevitably lead economic actors to wonder who would be next, with all the potential destabilising effects that such speculation could entail. The genie will not be put back in its bottle once and for all until it is clear that such a risk will not rear its head again.
We need to use the confidence in the single currency to build institutions that will reinforce the cohesion of our economic and political union.
Readers may recall that, last month, Schäuble proposed allowing Greece to temporarily exit the eurozone, allowing debt restructuring.
Cœuré’s speech is well worth a read; his conclusion urges today’s politicians to match the achievements of their predecessors:
There is nothing inevitable about the status quo, but, to go beyond it, we need to rediscover the spirit of Robert Schuman. In 1950, this French Foreign Minister had the political courage to propose to Germany that the two countries pool their economic resources and share sovereignty within a common institution. This gave birth to European integration.
Let’s not forget that shared ambition is a powerful driving force. Herbert Blankenhorn, then Adenauer’s diplomatic advisor, recorded in his diary the Chancellor’s words of 24 May 1950 and the optimism inspired in him by Schuman’s plan: “Wenn Furcht beseitigt werde, werde Europa wie ein genesender Kranker seine Kräfte wiederfinden” [“Once fear has been overcome, Europe, like a convalescing patient, will find its strength again”].
Important speech by ECB's Coeuré on future of #Eurozone. Standing still not an option in his view http://t.co/leXZInaGqR
9.31pm AEST12:319.31pm AEST12:31
Luxury jeweller Tiffany has just given Wall Street a reminder not to get too optimistic.Luxury jeweller Tiffany has just given Wall Street a reminder not to get too optimistic.
Tiffany is cutting its earning forecast for the year, after posting the second straight quarter of lower sales.Tiffany is cutting its earning forecast for the year, after posting the second straight quarter of lower sales.
It has been hit by the strong dollar, which has deterred tourists from visiting the US and also dented the value of overseas sales.It has been hit by the strong dollar, which has deterred tourists from visiting the US and also dented the value of overseas sales.
9.08pm AEST12:089.08pm AEST12:08
Despite capital controls and bank closures, Greeks managed to withdraw almost €1.5bn from the banking sector during the wild weeks of July.Despite capital controls and bank closures, Greeks managed to withdraw almost €1.5bn from the banking sector during the wild weeks of July.
New data shows that deposits hit a new 12-year low last month, to €120.8bn from €122.2bn in June.New data shows that deposits hit a new 12-year low last month, to €120.8bn from €122.2bn in June.
Greek bank deposits by businesses and households fell to €120.8bn in July from €122.2bn in Jun despite cap controls. pic.twitter.com/UrkZV6wnCSGreek bank deposits by businesses and households fell to €120.8bn in July from €122.2bn in Jun despite cap controls. pic.twitter.com/UrkZV6wnCS
8.46pm AEST11:468.46pm AEST11:46
If China’s market wobble does ease, investors can go back to worrying about Greece.If China’s market wobble does ease, investors can go back to worrying about Greece.
The next Greek election will move a step closer today, when the left-wing Popular Unity party hands back the ‘mandate’ to form a government.The next Greek election will move a step closer today, when the left-wing Popular Unity party hands back the ‘mandate’ to form a government.
That means president Prokopis Pavlopoulos will then gather all party leaders to see if a coalition government can be formed (highly unlikely), or move on to the next stage -- a caretaker government and an election date.That means president Prokopis Pavlopoulos will then gather all party leaders to see if a coalition government can be formed (highly unlikely), or move on to the next stage -- a caretaker government and an election date.
That election may leave Greece as unstable as ever. Last night, outgoing prime minister Alexis Tsipras ruled out forming a coalition with any of the centrist opposition parties: center-right New Democracy, the socialist Pasok party or the small centrist To Potami party.That election may leave Greece as unstable as ever. Last night, outgoing prime minister Alexis Tsipras ruled out forming a coalition with any of the centrist opposition parties: center-right New Democracy, the socialist Pasok party or the small centrist To Potami party.
AP reports:AP reports:
“I think that all three parties essentially express the old political system,” he said in an interview with private Alpha TV Wednesday evening.“I think that all three parties essentially express the old political system,” he said in an interview with private Alpha TV Wednesday evening.
Not that Tsipras is guaranteed to win power again. His Syriza party has been hit by defections, since the leftist wing split off to form Popular Unity.Not that Tsipras is guaranteed to win power again. His Syriza party has been hit by defections, since the leftist wing split off to form Popular Unity.
#greece seems @tsipras_eu wins every ballot troika wants him to lose but may lose the only one it wants him to win#greece seems @tsipras_eu wins every ballot troika wants him to lose but may lose the only one it wants him to win
8.20pm AEST11:208.20pm AEST11:20
Photos: Chinese investors perk upPhotos: Chinese investors perk up
China’s army of small investors were all smiles today, as the Shanghai index rallied by over 5% by the close of trading today:China’s army of small investors were all smiles today, as the Shanghai index rallied by over 5% by the close of trading today:
8.07pm AEST11:078.07pm AEST11:07
The Shanghai Composite Index is now 40% below its June peak, but still 40% higher than it was 12 months. #GreatFallofChinaThe Shanghai Composite Index is now 40% below its June peak, but still 40% higher than it was 12 months. #GreatFallofChina
7.43pm AEST10:437.43pm AEST10:43
After three days of wild swings, London’s stock market is a calmer place this morning.After three days of wild swings, London’s stock market is a calmer place this morning.
Every share on the FTSE 100 is up, meaning the blue-chip index has recovered most of the losses earlier this week.Every share on the FTSE 100 is up, meaning the blue-chip index has recovered most of the losses earlier this week.
Mining shares are doing well, along with chipmaker ARM and Standard Chartered, the bank. They’re all particularly exposed to China’s economy.Mining shares are doing well, along with chipmaker ARM and Standard Chartered, the bank. They’re all particularly exposed to China’s economy.
Augustin Eden at Accendo Markets says the City is shaking off Black Monday, and going bargain-hunting:Augustin Eden at Accendo Markets says the City is shaking off Black Monday, and going bargain-hunting:
“Equity markets are positive this morning, as a perceived recovery continues following Monday’s flash crash. Encouraging news from the US Fed finally giving markets something other than ‘buy it ‘cos it’s cheap’ to bite on while China continues to engage in some wild volatility.“Equity markets are positive this morning, as a perceived recovery continues following Monday’s flash crash. Encouraging news from the US Fed finally giving markets something other than ‘buy it ‘cos it’s cheap’ to bite on while China continues to engage in some wild volatility.
Still, the developed world appears to be getting on with things.Still, the developed world appears to be getting on with things.
7.12pm AEST10:127.12pm AEST10:12
Bloomberg: Beijing intervened to push up sharesBloomberg: Beijing intervened to push up shares
China’s government intervened to boost the stock market today, says Bloomberg:China’s government intervened to boost the stock market today, says Bloomberg:
China wants the market to stabilize ahead of a Sept. 3 military parade celebrating the World War II victory over Japan, said the people, who asked not to be identified because the move wasn’t publicly announced.China wants the market to stabilize ahead of a Sept. 3 military parade celebrating the World War II victory over Japan, said the people, who asked not to be identified because the move wasn’t publicly announced.
The government bought blue-chip stocks, according to one of the people.The government bought blue-chip stocks, according to one of the people.
This would explain that late rally in Shanghai, in which the index jumped over 5%. It also suggests Beijing will keep propping up the market, if needed, until the WW2 commemoration is over.This would explain that late rally in Shanghai, in which the index jumped over 5%. It also suggests Beijing will keep propping up the market, if needed, until the WW2 commemoration is over.
Chinese shares surged today because authorities wanted a rally before a big military parade. http://t.co/WD19vgyNI2Chinese shares surged today because authorities wanted a rally before a big military parade. http://t.co/WD19vgyNI2
6.53pm AEST09:536.53pm AEST09:53
Germany’s stock market has now recovered all the losses made earlier this week.Germany’s stock market has now recovered all the losses made earlier this week.
The DAX is now up almost 3% today, outpacing the rest of Europe.The DAX is now up almost 3% today, outpacing the rest of Europe.
German companies are benefitting from the weaker euro. It has dropped below $1.13 after the European Central Bank hinted it could ease monetary policy, should inflation remain too low.German companies are benefitting from the weaker euro. It has dropped below $1.13 after the European Central Bank hinted it could ease monetary policy, should inflation remain too low.
6.34pm AEST09:346.34pm AEST09:34
There’s a suspicion that the Chinese authorities intervened today, to push the Shanghai market higher after it had a late wobble.There’s a suspicion that the Chinese authorities intervened today, to push the Shanghai market higher after it had a late wobble.
Zhang Gang, a strategist at Central China Securities in Shanghai, says:Zhang Gang, a strategist at Central China Securities in Shanghai, says:
“Heavyweight stocks like banks and insurance companies helped pull up the index, and it’s possibly China Securities Finance entering the market again to shore up stocks.”“Heavyweight stocks like banks and insurance companies helped pull up the index, and it’s possibly China Securities Finance entering the market again to shore up stocks.”
China Securities Finance are part of the ‘National Team’ of state-directed investors.China Securities Finance are part of the ‘National Team’ of state-directed investors.
Shanghai rockets up 6% in the final hour to be up 5.3% on the day. Sure looks like the national team wanted to cross the 3,000 level.Shanghai rockets up 6% in the final hour to be up 5.3% on the day. Sure looks like the national team wanted to cross the 3,000 level.
6.22pm AEST09:226.22pm AEST09:22
Financial markets remain “messy, but also somewhat less volatile” today, says Kit Juckes of Société Générale.Financial markets remain “messy, but also somewhat less volatile” today, says Kit Juckes of Société Générale.
China is obviously a worry; the other issue remains the timing of the first US interest rate hike.China is obviously a worry; the other issue remains the timing of the first US interest rate hike.
Right now, the Federal Reserve seems unlikely to act in September, which is helping to push shares higher.Right now, the Federal Reserve seems unlikely to act in September, which is helping to push shares higher.
Kit writes:Kit writes:
Markets are a mixture of nervousness (about Fed policy, PBOC policy and the economy) and dovish Fed expectations.Markets are a mixture of nervousness (about Fed policy, PBOC policy and the economy) and dovish Fed expectations.
Positioning for the Fed to be more dovish than you think is likely (or even possible) has not been a bad trading strategy for the last decade or so, and partly explains why market pricing of Fed moves is for them to act later and go slower than most economists believe they will.Positioning for the Fed to be more dovish than you think is likely (or even possible) has not been a bad trading strategy for the last decade or so, and partly explains why market pricing of Fed moves is for them to act later and go slower than most economists believe they will.
6.19pm AEST09:196.19pm AEST09:19
Here’s a reminder of why we shouldn’t get carried away:Here’s a reminder of why we shouldn’t get carried away:
8 days in the life of the #China stock market.... pic.twitter.com/jFeyFxSE308 days in the life of the #China stock market.... pic.twitter.com/jFeyFxSE30
6.06pm AEST09:066.06pm AEST09:06
Some cutting-edge technical analysis of the Chinese stock market’s rally:Some cutting-edge technical analysis of the Chinese stock market’s rally:
Shanghai Composite. Arises like the Loch Ness monster pic.twitter.com/hFugi8RgfvShanghai Composite. Arises like the Loch Ness monster pic.twitter.com/hFugi8Rgfv
@LorcanRK @frostyhk The rarely-seen but highly-prized Loch Ness pattern appears pic.twitter.com/bPitJ9BQtJ@LorcanRK @frostyhk The rarely-seen but highly-prized Loch Ness pattern appears pic.twitter.com/bPitJ9BQtJ
Updated at 6.08pm AESTUpdated at 6.08pm AEST
5.45pm AEST08:455.45pm AEST08:45
As FastFT points out, we don’t really know, yet, why the Chinese stock market jumped today.As FastFT points out, we don’t really know, yet, why the Chinese stock market jumped today.
Have China’s mom-and-pop investors rediscovered faith in Beijing’s leaders, or has Beijing itself just directed its state-owned enterprises, or its margin-lending arm, to buy more shares? Impossible to say, for now....Have China’s mom-and-pop investors rediscovered faith in Beijing’s leaders, or has Beijing itself just directed its state-owned enterprises, or its margin-lending arm, to buy more shares? Impossible to say, for now....
Updated at 7.43pm AESTUpdated at 7.43pm AEST
5.42pm AEST08:425.42pm AEST08:42
Many Chinese stocks had to be suspended today because they jumped 10%, the maximum allowed in one session.Many Chinese stocks had to be suspended today because they jumped 10%, the maximum allowed in one session.
It was another volatile day, though, with the index flirting with another loss before that late surge:It was another volatile day, though, with the index flirting with another loss before that late surge:
5.32pm AEST08:325.32pm AEST08:32
Dead dragon bounce? RT: @AP: BREAKING: China's main stock market index closes up 5.3 percent for biggest one-day gain in 8 weeksDead dragon bounce? RT: @AP: BREAKING: China's main stock market index closes up 5.3 percent for biggest one-day gain in 8 weeks
5.27pm AEST08:275.27pm AEST08:27
Today’s rally in China was partly driven by reports that Beijing is taking new steps to prop up the market:Today’s rally in China was partly driven by reports that Beijing is taking new steps to prop up the market:
BREAKING: China will hold press briefing 10am Friday to announce details of pension fund investments, incl "up to 1/3 of capital" for stocksBREAKING: China will hold press briefing 10am Friday to announce details of pension fund investments, incl "up to 1/3 of capital" for stocks
*CHINA STOCKS RALLY ON POSSIBLE STATE BUYING: CENTRAL CHINA SEC.*CHINA STOCKS RALLY ON POSSIBLE STATE BUYING: CENTRAL CHINA SEC.
5.19pm AEST08:195.19pm AEST08:19
Chinese stock market surges 5%Chinese stock market surges 5%
China’s stock market has just posted its biggest one-day jump since July 9th, ending five days of heavy losses.China’s stock market has just posted its biggest one-day jump since July 9th, ending five days of heavy losses.
A late surge drove the Shanghai stock market up by around 5.4% by the close of trading.A late surge drove the Shanghai stock market up by around 5.4% by the close of trading.
After several panicky days, calm returned to the markets today.After several panicky days, calm returned to the markets today.
Here’s Reuters take:Here’s Reuters take:
Sentiment was aided by comments from New York Fed President William Dudley on Wednesday who said the prospect of a September rate hike “seems less compelling” than it was only weeks ago.Sentiment was aided by comments from New York Fed President William Dudley on Wednesday who said the prospect of a September rate hike “seems less compelling” than it was only weeks ago.
“From today, I’m no longer pessimistic,” Jiang Chao, a strategist at Haitong Securities, who correctly predicted China’s stellar bull run which ended in mid-June, wrote on Thursday.“From today, I’m no longer pessimistic,” Jiang Chao, a strategist at Haitong Securities, who correctly predicted China’s stellar bull run which ended in mid-June, wrote on Thursday.
It’s only one day, of course, and it only makes a small dent in the rout that began two months ago:It’s only one day, of course, and it only makes a small dent in the rout that began two months ago:
China’s Stocks rise after worst five-day decline in two decades http://t.co/MH00VdfClc; Dudley cools Sept. prospects pic.twitter.com/iNpzud0H5kChina’s Stocks rise after worst five-day decline in two decades http://t.co/MH00VdfClc; Dudley cools Sept. prospects pic.twitter.com/iNpzud0H5k
And it doesn’t mean China has suddenly solved its big economic challenges - including a slowing economy, rising bad debts, capital outflows. But still, a reassuring sign.And it doesn’t mean China has suddenly solved its big economic challenges - including a slowing economy, rising bad debts, capital outflows. But still, a reassuring sign.
Updated at 5.31pm AESTUpdated at 5.31pm AEST
5.07pm AEST08:075.07pm AEST08:07
FTSE 100 bounces backFTSE 100 bounces back
European stock markets are surging at the open.European stock markets are surging at the open.
The FTSE 100 index jumped by around 150 points at the start of trading, a gain of over 2%.The FTSE 100 index jumped by around 150 points at the start of trading, a gain of over 2%.
The relief rally that began on New York last night, when the Dow jumped almost 4%, is pushing other European markets up over 2% too.The relief rally that began on New York last night, when the Dow jumped almost 4%, is pushing other European markets up over 2% too.
Traders are relieved that the Federal Reserve is now unlikely to raise interest rates next month, which means the era of ultra-cheap money will last longer.Traders are relieved that the Federal Reserve is now unlikely to raise interest rates next month, which means the era of ultra-cheap money will last longer.
Ian Williams of Peel Hunt explains:Ian Williams of Peel Hunt explains:
Yesterday’s more dovish comments by NY Fed President Dudley, who had previously been one of the FOMC members pushing for an rate increase but now views the case as “less compelling”, appear to have reassured investors that the Fed is unlikely to add further to current market volatility.Yesterday’s more dovish comments by NY Fed President Dudley, who had previously been one of the FOMC members pushing for an rate increase but now views the case as “less compelling”, appear to have reassured investors that the Fed is unlikely to add further to current market volatility.
4.52pm AEST07:524.52pm AEST07:52
China’s stock market is surging higher in late trading, rather than suffering its now-traditional late sell-off.China’s stock market is surging higher in late trading, rather than suffering its now-traditional late sell-off.
A flood of buy orders is pushing Shanghai’s index up by 5%, having been down just 30 minutes ago...A flood of buy orders is pushing Shanghai’s index up by 5%, having been down just 30 minutes ago...
No market does "Crazy half-hour" like the Shanghai Composite does "crazy half-hour"No market does "Crazy half-hour" like the Shanghai Composite does "crazy half-hour"
4.48pm AEST07:484.48pm AEST07:48
Japan’s stock market has closed, up more than 1%, as traders in Tokyo rediscovered their appetite for riskier assets.Japan’s stock market has closed, up more than 1%, as traders in Tokyo rediscovered their appetite for riskier assets.
The Nikkei gained 196 points to 18,574, after last night’s rally on Wall Street calmed fears.The Nikkei gained 196 points to 18,574, after last night’s rally on Wall Street calmed fears.
4.43pm AEST07:434.43pm AEST07:43
We can’t blame China for this, but it appears Britain’s housing boom is cooling off.We can’t blame China for this, but it appears Britain’s housing boom is cooling off.
Nationwide, the building society, reports that annual growth slowed to 3.2% in August, the weakest since mid 2013.Nationwide, the building society, reports that annual growth slowed to 3.2% in August, the weakest since mid 2013.
Robert Gardner, Nationwide’s chief economist, says:Robert Gardner, Nationwide’s chief economist, says:
“This month’s data provides further evidence that annual house price growth may be stabilising close to the pace of earnings growth, which has historically been around 4%.”“This month’s data provides further evidence that annual house price growth may be stabilising close to the pace of earnings growth, which has historically been around 4%.”
Even so, you’ll still need almost two hundred grand to secure the average property (in London, the average is now over £500k....)Even so, you’ll still need almost two hundred grand to secure the average property (in London, the average is now over £500k....)
4.37pm AEST07:374.37pm AEST07:37
Good morning from London. After Wednesday’s wobble, City traders are expecting a turnaround today.Good morning from London. After Wednesday’s wobble, City traders are expecting a turnaround today.
Shares are tipped to push higher across Europe, following yesterday’s surge on Wall Street which ended six days of losses.Shares are tipped to push higher across Europe, following yesterday’s surge on Wall Street which ended six days of losses.
Today’s recovery in Asia may also calm the nerves, after several wild days. Although China hasn’t closed yet, so there’s still time for late drama in Shanghai....Today’s recovery in Asia may also calm the nerves, after several wild days. Although China hasn’t closed yet, so there’s still time for late drama in Shanghai....
IG are predicting triple-digit gains on most of the European indices, which would reverse yesterday’s selloff.IG are predicting triple-digit gains on most of the European indices, which would reverse yesterday’s selloff.
Our European opening calls: $FTSE 6090 up 111 $DAX 10231 up 233 $CAC 4595 up 94 $IBEX 10188 up 204 $MIB 21880 up 406Our European opening calls: $FTSE 6090 up 111 $DAX 10231 up 233 $CAC 4595 up 94 $IBEX 10188 up 204 $MIB 21880 up 406
4.17pm AEST07:174.17pm AEST07:17
SUMMARYSUMMARY
I’m handing over to Graeme Wearden in London now so a quick summary of where we are.I’m handing over to Graeme Wearden in London now so a quick summary of where we are.
Updated at 4.20pm AESTUpdated at 4.20pm AEST
4.01pm AEST07:014.01pm AEST07:01
The business investment figures for Australia published earlier today have prompted Goldman Sachs and UBS to say that their Q2 GDP predictions might be wrong on the downside.The business investment figures for Australia published earlier today have prompted Goldman Sachs and UBS to say that their Q2 GDP predictions might be wrong on the downside.
Chris Weston of IG asking if the figure could even be negative...Chris Weston of IG asking if the figure could even be negative...
3.39pm AEST06:393.39pm AEST06:39
On China, Angus Nicholson makes the point that many others have made that China might have avoided this week’s shenanigans if they’d taken some action over the weekend instead of leaving it to Tuesday night.On China, Angus Nicholson makes the point that many others have made that China might have avoided this week’s shenanigans if they’d taken some action over the weekend instead of leaving it to Tuesday night.
The stock market seems to be responding positively to these [stimulus] moves. One wonders if the record losses seen globally on Monday could have been avoided had the RRR cuts come over the weekend as some called for.The stock market seems to be responding positively to these [stimulus] moves. One wonders if the record losses seen globally on Monday could have been avoided had the RRR cuts come over the weekend as some called for.
3.37pm AEST06:373.37pm AEST06:37
Jackson Hole symposium starts tonightJackson Hole symposium starts tonight
It looks like the Fed’s annual symposium of economists and central bankers in Jackson Hole, Wyoming this week will be closely watched by the markets for smoke signals as to where policy might be heading.It looks like the Fed’s annual symposium of economists and central bankers in Jackson Hole, Wyoming this week will be closely watched by the markets for smoke signals as to where policy might be heading.
Angus Nicholson at IG in Melbourne writes:Angus Nicholson at IG in Melbourne writes:
Attention will be keenly focussed on the speeches at the Jackson Hole symposium, which begins tonight. However, I think the market will largely be looking towards December as the most likely date if a [Fed] rate hike happens this year.Attention will be keenly focussed on the speeches at the Jackson Hole symposium, which begins tonight. However, I think the market will largely be looking towards December as the most likely date if a [Fed] rate hike happens this year.
Michael Hewson at CMC Markets in London agrees:Michael Hewson at CMC Markets in London agrees:
3.29pm AEST06:293.29pm AEST06:29
3.24pm AEST06:243.24pm AEST06:24
Europe and US markets seen opening higherEurope and US markets seen opening higher
European and US markets look set to open higher with futures pointing to a 0.3% rise in London and the Dow up 0.13%European and US markets look set to open higher with futures pointing to a 0.3% rise in London and the Dow up 0.13%
Updated at 3.24pm AESTUpdated at 3.24pm AEST
3.17pm AEST06:173.17pm AEST06:17
3.14pm AEST06:143.14pm AEST06:14
The Chinese markets are about to resume after their lunch break but they’ve had a decent day so far.The Chinese markets are about to resume after their lunch break but they’ve had a decent day so far.
The Shanghai Composite rose as much 3% in early trade but ended the morning up 1.55% at 2,972 points.The Shanghai Composite rose as much 3% in early trade but ended the morning up 1.55% at 2,972 points.
The Hang Seng in Hong Kong was up 2.28% at 21,560.The Hang Seng in Hong Kong was up 2.28% at 21,560.
And that strange thing sentiment might have turned a bit.And that strange thing sentiment might have turned a bit.
“From today, I’m no longer pessimistic,” Jiang Chao, a strategist at Haitong Securities.“From today, I’m no longer pessimistic,” Jiang Chao, a strategist at Haitong Securities.
He reckons China’s central bank will cut interest rates further.He reckons China’s central bank will cut interest rates further.
2.38pm AEST05:382.38pm AEST05:38
'China surprised by reaction to yuan devaluation' – reports'China surprised by reaction to yuan devaluation' – reports
Another interesting take from Reuters and some of the factors behind the China turmoil.Another interesting take from Reuters and some of the factors behind the China turmoil.
It is reporting that China’s policy makers were surprised at the adverse world reaction to its moves to devalue the yuan two weeks ago, quoting an unnamed economist at the cabinet’s think-tank.It is reporting that China’s policy makers were surprised at the adverse world reaction to its moves to devalue the yuan two weeks ago, quoting an unnamed economist at the cabinet’s think-tank.
Any plans that might have existed to weaken the currency by up 10% (it’s so far off about 4%) have faded, Reuters says, because of anxiety about how such a move could fuel further capital outflows (see the Guardian’s Phillip Inman on this subject).Any plans that might have existed to weaken the currency by up 10% (it’s so far off about 4%) have faded, Reuters says, because of anxiety about how such a move could fuel further capital outflows (see the Guardian’s Phillip Inman on this subject).
Government economists and policy advisers say the PBoC will now try to stop the yuan weakening much past 6.5 per dollar, which is 4.5% below its pre-devaluation levels. On Thursday morning, the yuan traded as low as 6.4162 per dollar.Government economists and policy advisers say the PBoC will now try to stop the yuan weakening much past 6.5 per dollar, which is 4.5% below its pre-devaluation levels. On Thursday morning, the yuan traded as low as 6.4162 per dollar.
The economist says:The economist says:
The global reaction was bigger than expected. The global economy is very fragile. Competitive currency devaluations could in turn affect China’s own economy - undermine its exports and investment.The global reaction was bigger than expected. The global economy is very fragile. Competitive currency devaluations could in turn affect China’s own economy - undermine its exports and investment.
[We] chose the timing as the economy weakened and the stock market plunged, sending out a wrong signal to foreign countries that you want to spur the economy through devaluation and leading to competitive devaluations.[We] chose the timing as the economy weakened and the stock market plunged, sending out a wrong signal to foreign countries that you want to spur the economy through devaluation and leading to competitive devaluations.
This put us on the defensive; it looks like China is the trigger.This put us on the defensive; it looks like China is the trigger.
Updated at 2.40pm AESTUpdated at 2.40pm AEST
2.27pm AEST05:272.27pm AEST05:27
The Aussie dollar is having a tough afternoon and heading back towards lows of US70.70 touched overnight.The Aussie dollar is having a tough afternoon and heading back towards lows of US70.70 touched overnight.
It’s buying US71.18c at the moment or 2.18 of your British pounds. Good time for holidays Down Under, I’d say.It’s buying US71.18c at the moment or 2.18 of your British pounds. Good time for holidays Down Under, I’d say.
2.16pm AEST05:162.16pm AEST05:16
Thailand exports down 3.6% year-on-year and imports down 12.7%Thailand exports down 3.6% year-on-year and imports down 12.7%
2.00pm AEST05:002.00pm AEST05:00
China market woes blamed on exodus of regulatorsChina market woes blamed on exodus of regulators
Interesting piece on Reuters about how some of the problems could be down to the loss of key regulatory personnel.Interesting piece on Reuters about how some of the problems could be down to the loss of key regulatory personnel.
After the GFC, it says, Beijing poached top Chinese talent from overseas banks to come home and overhaul the country’s financial system. But by June this year, they’d become disillusioned and headed back to the private sector:After the GFC, it says, Beijing poached top Chinese talent from overseas banks to come home and overhaul the country’s financial system. But by June this year, they’d become disillusioned and headed back to the private sector:
The best and brightest returnees, known in China as “sea turtles”, had already left for the private sector, disillusioned and disappointed.The best and brightest returnees, known in China as “sea turtles”, had already left for the private sector, disillusioned and disappointed.
A former official at the China Securities Regulatory Commission, one of a group of 20 high-profile returnees, recalled the CSRC’s appeal to make “sacrifices for the motherland”.A former official at the China Securities Regulatory Commission, one of a group of 20 high-profile returnees, recalled the CSRC’s appeal to make “sacrifices for the motherland”.
“We moved our families back to China and gave up high-paying jobs, because we wanted to contribute,” he said.“We moved our families back to China and gave up high-paying jobs, because we wanted to contribute,” he said.
He said the group was sent for special training at Jinggangshan, a former revolutionary base used by Mao Zedong during the Chinese civil war.He said the group was sent for special training at Jinggangshan, a former revolutionary base used by Mao Zedong during the Chinese civil war.
Their idealism soon turned to cynicism. Their pay was a fraction of what they could earn in the private sector, and the CSRC didn’t seem to value them.Their idealism soon turned to cynicism. Their pay was a fraction of what they could earn in the private sector, and the CSRC didn’t seem to value them.
Several years passed, and none of us got promoted,” said the official. “Some of us didn’t even obtain a concrete position.”Several years passed, and none of us got promoted,” said the official. “Some of us didn’t even obtain a concrete position.”
“Just at the time they needed people with both domestic and international experience, those most internationally experienced people were forced out,” said Liu Li-Gang, China economist at ANZ.“Just at the time they needed people with both domestic and international experience, those most internationally experienced people were forced out,” said Liu Li-Gang, China economist at ANZ.
Reuters notes that the CSRC did not reply to requests for comment.Reuters notes that the CSRC did not reply to requests for comment.
1.55pm AEST04:551.55pm AEST04:55
Fairly steady on the markets still. Tokyo is well-placed at lunch having put on 1.89% without loss, while in Australia the ASX is batting through the break at +1.28%.Fairly steady on the markets still. Tokyo is well-placed at lunch having put on 1.89% without loss, while in Australia the ASX is batting through the break at +1.28%.
In China, the Shanghai Comp has played a riskier knock but is up 1.55% for the day so far despite nearly falling into the trap earlier in the session.In China, the Shanghai Comp has played a riskier knock but is up 1.55% for the day so far despite nearly falling into the trap earlier in the session.
Elsewhere:Elsewhere:
Updated at 1.55pm AESTUpdated at 1.55pm AEST
1.41pm AEST04:411.41pm AEST04:41
Grogonomics analysisGrogonomics analysis
More great writing from the Guardian on the China business, this time from our resident Australian economics commentator Greg Jericho.More great writing from the Guardian on the China business, this time from our resident Australian economics commentator Greg Jericho.
His take is that the plunge in Chinese markets isn’t that bad per se – it’s more what it says about demand for Australian exports that is the problem.His take is that the plunge in Chinese markets isn’t that bad per se – it’s more what it says about demand for Australian exports that is the problem.
Deconstructing Joe Hockey’s analysis of the Chinese economy this week that the fundamental were improving – a triumph of the “she’ll be right” school of philosophy – Greg writes that Beijing wouldn’t have cut rates four times this year if they weren’t worried:Deconstructing Joe Hockey’s analysis of the Chinese economy this week that the fundamental were improving – a triumph of the “she’ll be right” school of philosophy – Greg writes that Beijing wouldn’t have cut rates four times this year if they weren’t worried:
Of course the Chinese government is only doing such things because it is worried that the “fundamentals” are not actually “gradually improving”.Of course the Chinese government is only doing such things because it is worried that the “fundamentals” are not actually “gradually improving”.
Related: China’s slumping economy a bigger threat to Australia than its plunging stock marketRelated: China’s slumping economy a bigger threat to Australia than its plunging stock market
1.15pm AEST04:151.15pm AEST04:15
It's the Fed, stupidIt's the Fed, stupid
Quite a good one-sentence analysis from Shigemitsu Tsuruta, senior strategist at SMBC Friend Securities in Tokyo, on Reuters referring to speculation that the Fed will not raise rates in September:Quite a good one-sentence analysis from Shigemitsu Tsuruta, senior strategist at SMBC Friend Securities in Tokyo, on Reuters referring to speculation that the Fed will not raise rates in September:
The market has started to price in this prospect while the current level provides a good short-term rebound opportunity.The market has started to price in this prospect while the current level provides a good short-term rebound opportunity.
Updated at 4.14pm AESTUpdated at 4.14pm AEST
1.10pm AEST04:101.10pm AEST04:10
LUNCHTIME SUMMARYLUNCHTIME SUMMARY
OK, trading is looking quite serene today.OK, trading is looking quite serene today.
Here’s what’s happened so far:Here’s what’s happened so far:
Updated at 1.13pm AESTUpdated at 1.13pm AEST
12.55pm AEST03:5512.55pm AEST03:55
Tom’s excellent piece also includes some fascinating insights from China expert Fraser Howie, author of Red Capitalism, who talks about what the struggles of working people tell us about the country’s governing class:Tom’s excellent piece also includes some fascinating insights from China expert Fraser Howie, author of Red Capitalism, who talks about what the struggles of working people tell us about the country’s governing class:
Much of the party’s legitimacy comes from the economy and from the Faustian bargain of limited political freedoms and social freedoms against economic prosperity. Any time there is a slowing economy the government is concerned about it for exactly those reasons – the people lose their jobs, there will not be the wage growth, people will not be able to enjoy the benefits of prosperity.Much of the party’s legitimacy comes from the economy and from the Faustian bargain of limited political freedoms and social freedoms against economic prosperity. Any time there is a slowing economy the government is concerned about it for exactly those reasons – the people lose their jobs, there will not be the wage growth, people will not be able to enjoy the benefits of prosperity.
The fear has to be … that party stability is on the line if the economy doesn’t work.”The fear has to be … that party stability is on the line if the economy doesn’t work.”
Intra-party battles are already going on thick and fast. The Chinese Communist party is more worried than almost any outside observer about the stability of the party. Foreigners always say: ‘Oh, yes, it will be fine’. But I think the Chinese communists are far better aware of how they could be toppled or how their party could collapse from the inside relatively quickly.Intra-party battles are already going on thick and fast. The Chinese Communist party is more worried than almost any outside observer about the stability of the party. Foreigners always say: ‘Oh, yes, it will be fine’. But I think the Chinese communists are far better aware of how they could be toppled or how their party could collapse from the inside relatively quickly.
12.41pm AEST03:4112.41pm AEST03:41
Tom Phillips, our correspondent in Beijing, has filed a terrific piece on how poor migrant workers are feeling the effects of the economic slowdown in China.Tom Phillips, our correspondent in Beijing, has filed a terrific piece on how poor migrant workers are feeling the effects of the economic slowdown in China.
He met Liu, a scrap metal dealer whose business on the hardscrabble outskirts of Beijing has dried up, forcing her to return to her home village in south-east China with her two young children.He met Liu, a scrap metal dealer whose business on the hardscrabble outskirts of Beijing has dried up, forcing her to return to her home village in south-east China with her two young children.
Abandoning Beijing was her family’s only option, she said.Abandoning Beijing was her family’s only option, she said.
It’s natural. We came here for work. We lost 200,000 yuan. We can’t afford to live here any more. Maybe one day we’ll return - but I don’t know when.It’s natural. We came here for work. We lost 200,000 yuan. We can’t afford to live here any more. Maybe one day we’ll return - but I don’t know when.
Related: China's migrant workers head home as Beijing faces an economic stormRelated: China's migrant workers head home as Beijing faces an economic storm
12.30pm AEST03:3012.30pm AEST03:30
China slowdown won't harm Japan too badly – KurodaChina slowdown won't harm Japan too badly – Kuroda
Haruhiko Kuroda, the governor of the Bank of Japan, has been speaking in New York about the China situation (still not sure there’s a consensus on crisis).Haruhiko Kuroda, the governor of the Bank of Japan, has been speaking in New York about the China situation (still not sure there’s a consensus on crisis).
He said China’s economy is likely to slow further although he predicted growth in its GDP will remain at 6-7% this year and next, Reuters reports:He said China’s economy is likely to slow further although he predicted growth in its GDP will remain at 6-7% this year and next, Reuters reports:
Already exports to China have been affected, but I do not think that Japan exports in coming years will be (very) negatively affected ... partly because China will maintain growth and Japanese capital goods are... quite competitive.Already exports to China have been affected, but I do not think that Japan exports in coming years will be (very) negatively affected ... partly because China will maintain growth and Japanese capital goods are... quite competitive.
Kuroda said China’s monetary easing was an appropriate step to mitigate any impact on its economy, adding that some market players have become “too pessimistic” on the Chinese economy given its growth is “still quite robust”.Kuroda said China’s monetary easing was an appropriate step to mitigate any impact on its economy, adding that some market players have become “too pessimistic” on the Chinese economy given its growth is “still quite robust”.
On US monetary policy, Kuroda said he expected the Federal Reserve to raise interest rates sometime this year, which would be a strong positive signal for the global economy.On US monetary policy, Kuroda said he expected the Federal Reserve to raise interest rates sometime this year, which would be a strong positive signal for the global economy.
Updated at 12.30pm AESTUpdated at 12.30pm AEST
12.20pm AEST03:2012.20pm AEST03:20
Those poor investment numbers took a bit of bite out of the ASX200 – it fell to around 5240 – but it’s back up again now because the stats are actually more promising than the headline number suggests.Those poor investment numbers took a bit of bite out of the ASX200 – it fell to around 5240 – but it’s back up again now because the stats are actually more promising than the headline number suggests.
While capex fell in the second quarter to the end of June, businesses are planning to invest more than previously thought in the rest of the year to the tune of about 10% more.While capex fell in the second quarter to the end of June, businesses are planning to invest more than previously thought in the rest of the year to the tune of about 10% more.
12.05pm AEST03:0512.05pm AEST03:05
Australian business investment fallsAustralian business investment falls
Business investment fell 4% in the June quarter, the Australian Bureau of Statistics said on Thursday.Business investment fell 4% in the June quarter, the Australian Bureau of Statistics said on Thursday.
The figures, which cover investment in capital goods and include such things as buildings and equipment, was worse than market forecasts, Australian Associated Press reports.The figures, which cover investment in capital goods and include such things as buildings and equipment, was worse than market forecasts, Australian Associated Press reports.
Businesses expect to invest $114.8bn this financial year, which is 23.4% lower than the corresponding estimate made at the same time last year.The final estimate for business investment in 2014/15 is $150.58bn – 4.7% lower than investment in 2013/14.Businesses expect to invest $114.8bn this financial year, which is 23.4% lower than the corresponding estimate made at the same time last year.The final estimate for business investment in 2014/15 is $150.58bn – 4.7% lower than investment in 2013/14.
Poor figures for a government banking on selling a growth story.Poor figures for a government banking on selling a growth story.
11.54am AEST02:5411.54am AEST02:54
Yuan weakensYuan weakens
China’s stock markets may have risen today but the yuan has weakened on hints from the US about the Fed delaying a rate hike.China’s stock markets may have risen today but the yuan has weakened on hints from the US about the Fed delaying a rate hike.
The People’s Bank of China set the reference rate for the yuan at 6.4085 per dollar prior to market open, its lowest level since 2011 and firmer than the previous day’s closing market quote of 6.4105.The People’s Bank of China set the reference rate for the yuan at 6.4085 per dollar prior to market open, its lowest level since 2011 and firmer than the previous day’s closing market quote of 6.4105.
Updated at 4.15pm AESTUpdated at 4.15pm AEST
11.49am AEST02:4911.49am AEST02:49
InteractiveInteractive
Great work by the graphics team in London to produce this interactive on how a China meltdown could affect different countries.Great work by the graphics team in London to produce this interactive on how a China meltdown could affect different countries.
Related: How China's economic slowdown could weigh on the rest of the worldRelated: How China's economic slowdown could weigh on the rest of the world
11.45am AEST02:4511.45am AEST02:45
Hang Seng in Hong Kong is also up with a rise of 2.43%.Hang Seng in Hong Kong is also up with a rise of 2.43%.
11.41am AEST02:4111.41am AEST02:41
Chinese markets open upChinese markets open up
Looking good for Shanghai.Looking good for Shanghai.
11.39am AEST02:3911.39am AEST02:39
Just waiting for the first prices to come through from China but the Australian market is purring away nicely, up 1.5%.Just waiting for the first prices to come through from China but the Australian market is purring away nicely, up 1.5%.
IG Market analyst Angus Nicholson reckon whatever happens in China won’t have too much impact today:IG Market analyst Angus Nicholson reckon whatever happens in China won’t have too much impact today:
The Chinese stock market is having less of an influence on the Aussie stocks at the moment.The Chinese stock market is having less of an influence on the Aussie stocks at the moment.
The Chinese economy is still a concern for the world economy at the moment but we’re seeing the Shanghai Composite bottom a bit, so I don’t think we’re going to see as much influence today when the Chinese stock market opens.The Chinese economy is still a concern for the world economy at the moment but we’re seeing the Shanghai Composite bottom a bit, so I don’t think we’re going to see as much influence today when the Chinese stock market opens.
11.34am AEST02:3411.34am AEST02:34
The plunge in commodities prices this year – especially oil – has been astonishing.The plunge in commodities prices this year – especially oil – has been astonishing.
Despite a rise on Thursday because of an unexpected fall in inventory last week, US crude was still under $40 a barrel at $39.19. Brent, the global oil benchmark, gained 64 cents to $43.78 a barrel.Despite a rise on Thursday because of an unexpected fall in inventory last week, US crude was still under $40 a barrel at $39.19. Brent, the global oil benchmark, gained 64 cents to $43.78 a barrel.
Seriously though, does anyone remember peak oil? I guess it could still turn around sharply again with a wider Middle East conflict or some such black swan event, but the idea that economies might be broken by sky-high oil prices has been replaced by the one that says certain countries could be broken by low prices.Seriously though, does anyone remember peak oil? I guess it could still turn around sharply again with a wider Middle East conflict or some such black swan event, but the idea that economies might be broken by sky-high oil prices has been replaced by the one that says certain countries could be broken by low prices.
Check out how Russia and even Saudi Arabia are struggling with the falling price.Check out how Russia and even Saudi Arabia are struggling with the falling price.
Updated at 11.35am AESTUpdated at 11.35am AEST
11.08am AEST02:0811.08am AEST02:08
What he really means is, will China’s chart go more like Thunderbirds 3 or Thunderbirds 4, the one that went underwater?What he really means is, will China’s chart go more like Thunderbirds 3 or Thunderbirds 4, the one that went underwater?
We’ll find out when trading starts at 11.30am Sydney time, ie in about 22 minutes.We’ll find out when trading starts at 11.30am Sydney time, ie in about 22 minutes.
11.03am AEST02:0311.03am AEST02:03
But with Wall Street back on song and the Asia pacific markets up again today, what can possibly can wrong?But with Wall Street back on song and the Asia pacific markets up again today, what can possibly can wrong?
Well, investors are still not convinced about what’s going to happen in China where the weak stock market is seen as being important more because it suggests all is not well with the wider economy, rather than as the root of any systemic problem.Well, investors are still not convinced about what’s going to happen in China where the weak stock market is seen as being important more because it suggests all is not well with the wider economy, rather than as the root of any systemic problem.
Reuters says a “fresh slide in China’s equities [on Thursday] and worries that China may allow a further depreciation of the yuan risked hampering a recovery in other riskier assets in Asia and beyond”.Reuters says a “fresh slide in China’s equities [on Thursday] and worries that China may allow a further depreciation of the yuan risked hampering a recovery in other riskier assets in Asia and beyond”.
It quotes Jasper Lawler, market analyst at CMC Markets:It quotes Jasper Lawler, market analyst at CMC Markets:
Rather than getting ahead of the game with a well thought out plan for stabilising the economy, the PBOC appears to be reluctantly easing policy any time there’s a drop in share prices.Rather than getting ahead of the game with a well thought out plan for stabilising the economy, the PBOC appears to be reluctantly easing policy any time there’s a drop in share prices.
The net effect is that markets clamour for more stimulus while at the same time losing faith it will actually work.The net effect is that markets clamour for more stimulus while at the same time losing faith it will actually work.
10.53am AEST01:5310.53am AEST01:53
It was too late for European bourses though which had struggled on the back of another lacklustre response from the Chinese markets to yet more stimulus – rate cuts and a loosening of reserve requirements – from the People’s Bank of China on Tuesday.It was too late for European bourses though which had struggled on the back of another lacklustre response from the Chinese markets to yet more stimulus – rate cuts and a loosening of reserve requirements – from the People’s Bank of China on Tuesday.
The FTSE was down 102 points to 5,979 on Wednesday. It has now fallen for 11 of the last 12 days (on Tuesday it jumped by 188 points), and is currently 15% off its record high.The FTSE was down 102 points to 5,979 on Wednesday. It has now fallen for 11 of the last 12 days (on Tuesday it jumped by 188 points), and is currently 15% off its record high.
Germany’s DAX and Spain’s IBEX both lost 1.3%, and the French CAC dropped 1.4%.Germany’s DAX and Spain’s IBEX both lost 1.3%, and the French CAC dropped 1.4%.
10.49am AEST01:4910.49am AEST01:49
The key plus-point for the American market seemed to be comments from New York Fed president Bill Dudley who said on Wednesday that a September interest rate rise was now “less compelling” than it had been just a few weeks ago.The key plus-point for the American market seemed to be comments from New York Fed president Bill Dudley who said on Wednesday that a September interest rate rise was now “less compelling” than it had been just a few weeks ago.
The decision to begin the normalisation process at the September FOMC [federal open market committee] meeting seems less compelling to me than it was a few weeks agoThe decision to begin the normalisation process at the September FOMC [federal open market committee] meeting seems less compelling to me than it was a few weeks ago
He was also keen to play down any systemic risk from the China turbulence.He was also keen to play down any systemic risk from the China turbulence.
The stock market has to move a lot – and stay there – to have implications for the US economy. What we’re seeing is not a US problem. This is very different from the financial crisis.”The stock market has to move a lot – and stay there – to have implications for the US economy. What we’re seeing is not a US problem. This is very different from the financial crisis.”
And with the prospect of more cheap money sloshing around the system for a bit longer than everyone had begin to expect, traders went away happy and the market surged.And with the prospect of more cheap money sloshing around the system for a bit longer than everyone had begin to expect, traders went away happy and the market surged.
Updated at 11.01am AESTUpdated at 11.01am AEST
10.42am AEST01:4210.42am AEST01:42
The ASX200 in Australia is up smartly again this morning after a good day on Wednesday saw it recoup a lot of the losses from earlier in the week, rising 35.5 points, or 0.69%, at 5,172.8 points.The ASX200 in Australia is up smartly again this morning after a good day on Wednesday saw it recoup a lot of the losses from earlier in the week, rising 35.5 points, or 0.69%, at 5,172.8 points.
This is this morning’s chart, where it resembles roughly half of Thunderbirds 3.This is this morning’s chart, where it resembles roughly half of Thunderbirds 3.
10.34am AEST01:3410.34am AEST01:34
Good morningGood morning
Welcome to the Asia leg of the markets live blog. We’ve all had time to pause and reflect in the time zone but now things are under way again and the Australian and Japanese markets are up strongly following a huge 619-point surge on Wall Street on Wednesday.Welcome to the Asia leg of the markets live blog. We’ve all had time to pause and reflect in the time zone but now things are under way again and the Australian and Japanese markets are up strongly following a huge 619-point surge on Wall Street on Wednesday.
For full details of how it played out yesterday, here’s the blog.For full details of how it played out yesterday, here’s the blog.
More of that in a moment – especially some interesting comments from a Federal Reserve rates setter – but here are the main scores on the doors this morning.More of that in a moment – especially some interesting comments from a Federal Reserve rates setter – but here are the main scores on the doors this morning.
Nikkei +1.4%Nikkei +1.4%
ASX200 +1.3%ASX200 +1.3%
Kospi +0.56%Kospi +0.56%
The yen is also down on the dollar while the Aussie dollar is currently buying US71.24c.The yen is also down on the dollar while the Aussie dollar is currently buying US71.24c.
Updated at 10.37am AESTUpdated at 10.37am AEST