Good morning everyone. It looks like we’re in for another mixed trading day today as futures on the Nikkei 225 jump 0.4% in Osaka, contracts on the Hang Seng drop 0.2%, while CSI 300 futures slumped 0.6% in its latest trading. Gold meanwhile notched up its 10th straight session in the red as the yellow metal’s price sank to a five-year low. Peter Schiff seems to be happy though.
Here’s what else you need to know:
Capital flight from China surges to $800 billion. Capital outflows from the mainland apparently surged to $224 billion in the second quarter, a level “beyond anything seen historically” according to Goldman Sachs. Year-on-year estimates meanwhile peg outflows at $800 billion – a ridiculously large sum that underscores the nation’s current economic state. The Telegraph
RBNZ cuts key rate down to 3%. A downturn in dairy prices as well as inflation forced the Reserve Bank of New Zealand to cut its key rate once again. They slashed the cash rate by 25 basis points this time, taking it down to 3%. Reserve Bank of New Zealand
Oil falls below $50. Oil prices fell to $49.19 a barrel Wednesday, the lowest since April 2. Crude oil stocks were up 2.5 million barrels in the U.S., totally reversing the expected 2.3 million barrel decline. CNBC
Capital Group chairman dies. Jim Rothenberg, chairman of Capital Group, died of a heart attack Tuesday. He was 69. Rothenberg was on vacation on the East Coast at the time. He had served as chairman since 2008, and had been at the firm since 1970. Financial Times (paywall)
Photo credit: Mike Behnken via Flickr