Updated throughout the day
September 9
Good evening everyone. PBOC Governor Zhou Xiaochuan may have said that the multi-trillion dollar “correction” is “almost done,” but that doesn’t mean that mainland stocks didn’t want to do some correcting of their own. The SHCOMP lost all of its gains today, finishing the session down 2.52%, while Shenzhen retraced most of its earlier 3.7% rally to close up 0.2%. Even the nation’s forex reserves did some correcting, falling $94 billion to $3.56 trillion to notch up its largest monthly drop on record.
Here’s how the rest of Asia is faring:
- Nikkei 225: +0.38%
- Hang Seng Index: -1.23%
- Straits Times Index: -0.4%
The European market seems to be doing much better though; the FTSE 100 climbed 1.3% to 6,119, the DAX jumped 1.2% to 10,161, while the CAC spiked 1.2% to 4,580. Here’s what else you need to know:
Chinese GDP revised lower to 7.3%. In a surprise move, China’s National Bureau of Statistics revised its annual economic growth rate for 2014 from 7.4% to 7.3%, largely thanks to a slowdown in the services industry. The primary (agriculture) and secondary (manufacturing & construction) sectors however still looks pretty good. Reuters
Toshiba posts $318m annual loss. Reeling from its recent accounting scandal, the Japanese conglomerate has reported a net loss of 37.8 billion yen ($318 million) for the past financial year, citing asset impairment changes and other losses. The firm had at one time expected a 120 billion yen profit. Nikkei
Experts reject official account of Mexico student deaths. An international committee reviewing the case of 43 missing college students in Mexico said there was no evidence to support the official line that the students were executed by a drug gang, fueling suspicion of police involvement. New York Times
Fiat Chrysler, GM merger on “high priority.” Fiat Chrysler CEO Sergio Marchionne had some pretty interesting stuff to say over the weekend. Despite being rebuffed earlier this year by the U.S.’ largest carmaker, Marchionne said that a merger between GM and Fiat Chrysler Automobiles remains a “high priority for FCA,” believing that the move would “be the best possible strategic alternative for us and for them.” Reuters
Falling oil prices hit Saudi Arabia. With crude oil prices practically cut in half, the world’s largest oil producer is currently working on slashing unnecessary expenses and delaying state projects. Which is ironic because they were the ones who opened up the taps to begin with. They have however, built reserves and decreased public debt to near-zero levels. BBC
Nissan to repeat airbag recall. Federal regulators are worried that Nissan’s recall last year of almost one million vehicles did not correct a malfunction of the passenger airbag, meaning the automaker might have to recall the vehicles again. The New York Times
South Korean anglers killed in capsizing. Rescuers are searching for survivors from a fishing boat that capsized off South Korea’s southern coast, leaving at least 10 dead – there were 22 on the passenger list. BBC
Thailand military council rejects draft constitution. A council appointed by Thailand’s military rulers has rejected a controversial new constitution drafted after last year’s coup. A new committee must now be appointed to write another draft. BBC
Euro founder fears a creation of an EU superstate. Almost everyone agrees that there’s just no way a monetary union can survive without a corresponding fiscal union. Well, Professor Otmar Issing, the chief architect of the European monetary union, fears that in the rush to create the latter, a “dangerous,” undemocratic political union may be in the works too. The Telegraph
You wouldn’t believe this…
Lion killer heads back to work. Walter Palmer, the US dentist who attracted an avalanche of internet hate after killing prized African Lion Cecil on a hunt, has come out of hiding. The 55-year-old told the Associated Press he will return to his practice on Tuesday. AP
Dog breastfeeds toddler. A malnourished two-year-old boy has been rescued by Chilean police after he was found being breastfed by a neighbour’s dog. A witness saw the dog, called Reina, feeding the boy at a mechanic’s workshop in the desert port of Arica on Thursday. Independent
New Stonehenge found in UK. Nearly 100 stone monoliths found buried near Stonehenge could be the largest neolithic monument built in Britain, archaeologists says. The 4,500-year-old stones, some measuring 15ft, were discovered under 3ft of earth using radar. BBC
Depp dog-smuggling case adjourned. The Australian case against actor Johnny Depp’s wife, Amanda Heard, has been adjourned until November 2. Heard has been hounded by the authorities ever since she failed to declare her prohibited pooch when entering the country earlier this year. The public spat with Australia’s Agriculture minister has earned the twitter tag #WarOnTerrier. BBC
“Resting bitch face” apparently makes women better communicators. While women with cheerful, emphatic facial expressions and body language receive nothing but good vibes, women with “RBF” apparently have to work harder toget their point across – which supposedly makes them better communicators. Why does Kirsten Stewart look like a block of wood in all her movies then? Quartz
Photo: Philip Taylor