Updated throughout the day
September 2
Good evening everyone. Despite a rough and tumble ride to the finish, there was just no way Beijing would let the stock market rain on their parade. The Shanghai Composite closed down 0.2% after falling as much as 4.7% earlier in the day while the Shenzhen Composite trimmed its 4.8% drop to finish the session down 1.98%. Hong Kong’s Hang Seng Index and Japan’s Nikkei Average meanwhile, slipped 1.18% and 0.39% respectively.
Here’s how the major European markets are faring:
- CAC 40: -0.11%
- FTSE 100: -0.01%
- DAX: -0.09%
With Europe retracing losses, the futures market is signaling an upbeat open for the U.S. S&P 500 minis are currently trading 0.61% higher, while contracts on the Dow as well as the Nasdaq point to a 0.58% and 0.63% climb at the open respectively. The upcoming ADP employment change and QoQ labor costs could easily throw a monkey wrench to that rally though.
Here’s what else you need to know:
“I am not sorry,” says North Korea. The hermit state has denied Seoul’s claims that Pyongyang’s recent expression of “regret” after a marathon negotiations amounted to an apology for a land-mine explosion that maimed two South Korean soldiers. Japan Times
U.K. construction hits longest growth period. The U.K.’s construction sector notched up its 90th month of growth today as the Markit/CIPS UK Construction PMI came in at 57.3 for August. The reading is slightly higher than July’s 57.1 showing and, as Markit notes, is well above the 50 threshold separating contraction from expansion. Markit
Argentina calls for the head of HSBC chief. Argentina’s central bank has ordered HSBC to replace its chief executive in the country within 24 hours, accusing the bank of failing to prevent tax evasion and money laundering. The bank was accused of helping clients hide money in Swiss bank accounts. BBC
Streaming service Netflix launches in Japan. Netflix has partnered with Japanese mobile carrier SoftBank in a joint bid to tap some 36 million households with high-speed Internet access as part of global push. Channel News Asia
Australian GDP growth falls. A slowdown in Australia’s mining and construction sectors dragged the June quarter’s GDP growth down to 0.2%, a substantial decline compared to last year’s 2% climb. A drop in exports also played a hand in the fall, though domestic final demand as well as the nation’s financial, transport, and health industries all helped buoy GDP from sinking lower. Australian Bureau of Statistics
Thailand arrests “main” bombing suspect. Police hunting those responsible for the shrine bombing that killed 20 people in central Bangkok two weeks ago arrested a second foreign suspect on Tuesday, Prime Minister Prayuth Chan-ocha describes the man as the main person in the bombing. South China Morning Post (paywall)
India festival brings in selfie ban. A “no selfie zone” has been introduced at a major Hindu festival over fears they cause stampedes. Organisers say a study that showed people visiting the sacred Godavari river to bathe took too long taking selfies, slowing down the flow of people, leading to panic. BBC
Iran nuclear deal garner support of two senators. Two Democratic senators supported the landmark Iran nuclear deal on Tuesday, almost assuring that President Obama will have the votes to overcome congressional opponents. New York Times
Calpers, Calstrs want to separate Bank of America’s CEO and Chairman roles. The two giant California pensions announced Monday that they would join shareholders in opposing the bylaw change that would allow Brian Moynihan to hold both roles in the company. Calpers and Calstrs, the two largest U.S. public pensions, hold a total of 63.6 million Bank of America shares, less than 1% of the total shares outstanding. Wall Street Journal
Murder on the up in the US. Cities across the US are seeing a startling rise in murders after years of decline. The city of Milwaukee in Wisconsin saw the biggest increase with 104 people have been killed this year so far after 86 homicides for the whole of 2014. The New York Times
September 1 is the worst day for suicides in Japan. More than 18,000 children under the age of 18 committed suicide in Japan between 1972 and 2013. Suicides spike on September 1, the day children head back to school. Japan has one of the highest suicide rates in the world, and suicide is the leading cause of death for people between the ages of 15 and 39 in the country. CNN
You won’t believe this…
Julian Assange was a terrible houseguest. During his stay at the Ecuadorian Embassy, the WikiLeaks editor-in-chief apparently went into rooms he wasn’t allowed into, tampered with security equipment, destroyed his room’s bookshelves, and forced the embassy people to “control access to alcohol.” BuzzFeed
Google has a new logo. The still colorful logo has straightened out some of the letters in its name. Google, which now operates under the umbrella Alphabet, says that the logo change was necessary because people are viewing the logo on many different mobile devices. BBC
Photo: groucho