Updated throughout the day
September 17
Good evening everyone. After heading for the stratosphere throughout the day, mainland shares began experiencing problems in the last hour trading and eventually wiped out all its gains. The SHCOMP finished the day down 2.1% while the SZCOMP ended the session down 1.48%. Hong Kong’s Hang Seng Index unfortunately fell victim to the selloff as well, though the H-shares Index – surprisingly – managed to hold on to its gains:
- Hang Seng Index: -0.53%
- H-shares Index: +0.65%
- Nikkei 225: +1.43%
- Topix: +1.31%
Over in Europe, stock indices are beginning to dip lower with T-minus nine hours remaining until the Fed decision. The U.K.’s FTSE 100 is down 0.2%, Germany’s DAX slipped 0.1%, while France’s CAC dipped 0.2%. Here’s what else you need to know:
Japan upper house OKs defence bills amid chaos. A panel in Japan’s upper house on Thursday approved legislation for a security policy shift that would allow troops to fight abroad for the first time since World War Two, a ruling party lawmaker said.Opposition lawmakers tried to physically prevent the vote in a chaotic scene carried live on national television. The legislation has sparked huge protests from ordinary voters. Channel News Asia
Another “coup”in Burkina Faso. Presidential guard officers in Burkina Faso have announced the dissolution of the transitional government. A new “national democratic council” has taken control, an officer said on state television. Interim parliament speaker Cheriff Sy said the move was “clearly a coup”. BBC
Singapore’s non-oil exports tumble 8.4% year-on-year. The decline in NODX (non-oil domestic exports) is due to a contraction in the export of both electronic and non-electronic products. Electronic and non-electronic domestic exports fell 2.7% and 10.6% in August, respectively. Channel News Asia
Chile coast rocked by 8.3 magnitude quake. At least five people were killed and 1 million evacuated from affected areas, when a powerful 8.3-magnitude earthquake struck Chile Wednesday. CNN
Desperate migrants clash with police in Hungary. Hungarian riot police responded to one of the worst bursts of violence that this tense refugee summer has seen. Agitated migrants at the border crossing were pelted with water cannons, head-cracking batons and both tear gas and pepper spray. New York Times (paywall)
Japan debates its pacifist policy – with a round of fisticuffs. Scuffles broke out in Japan’s upper house today ahead of a vote on a controversial move by the government to expand the role of the armed forces. The bills would amend Japan’s pacifist constitution to allow it to defend its allies overseas even when it is not under attack. BBC
U.S. CPI falls for first time since January. In a massive stumbling block for Yellen et cie, America’s consumer price index contracted 0.1% in August while on a year on year basis, August CPI climbed just 0.2%, essentially unched from July. MarketWatch
NZ economic growth cools. New Zealand’s “rockstar” economy grew 2.4% in the June quarter from the year before, its slowest pace since 2013, and slightly less than the expected 2.5% rise. The March quarter’s growth however, was revised slightly higher from an initial 2.6% reading, so it wasn’t all bad. Financial Times (paywall)
Hungary seals borders. Migrants, mostly from Syria, were redirected to Croatia on their trek to northern Europe. Croatia is promising assistance to the refugees to reach their final destinations. BBC
Hewlett-Packard to cut up to 10% of workforce, 30,000 jobs. The move is part of an effort to split the company into two units. The cuts will come in Hewlett Packard Enterprise, which is splitting from the firm’s printer and personal computer business, and and are expected to save $2.7 billion in annual costs. The restructuring will cost $2.7 billion to implement. BBC
China puts up gas rigs in disputed in East China sea. Pictures of Chinese structures in the East China Sea have been captured by the Japanese government showing signs of natural gas production.The unilateral development in the contested area is likely to spark fresh row between the two countries. Nikkei
You won’t believe this:
Comedian lied about escaping during 9/11. Steve Rannazzisi, known for his role in “The League,” has admitted that he lied about narrowly escaping the World Trade Center on September 11, 2001. Rannazzisi had said that he moved with his wife to Los Angeles in reaction to the close call. Rannazzisi was working in New York City that day, but no where near the WTC, nor was he working for Merrill Lynch, as he had claimed. New York Times (paywall)
Photo: Steve Jurvetson