China Brokers Tumble as Citic Staff Detained,
Rescue Costs Grow - (www.bloomberg.com) China’s
brokerages tumbled after four Citic Securities Co. executives were detained and
people familiar with the matter said the industry was told to contribute
another 100 billion yuan ($15.7 billion) to a stock market rescue fund. Citic
executives including managing directors Xu Gang and Liu Wei admitted
alleged insider trading, the state-run Xinhua News Agency said. The nation’s
largest brokerage fell as much as the maximum 10 percent percent in Shanghai
and slid to the lowest since May 2014 in Hong Kong. A Citic press officer
declined to comment. The China Securities Regulatory Commission ordered the
rescue-fund contributions at a meeting with 50 brokerages on Saturday that was
attended by CSRC Chairman Xiao Gang, said the people, who asked not to be
identified because the meeting hasn’t been made public. The regulator
encouraged listed brokerages to buy back shares worth as much as 10 percent of
their total market value, the people said.
Is
China Dumping German Paper Now? Bund Prices Are Collapsing - (www.zerohedge.com) German
bonds are under significant pressure again this morning - despite equity
weakness and US Treasury strength. This raises the rather interesting question
of whether - after decimating Treasuries last week, is China turning to its Bund holdings and
liquidating them to raise cash? Bunds crushed to one-month lows...
China
punishes 197 over stock market and Tianjin 'rumours' - (www.bbc.com) Chinese
authorities have punished 197 people for spreading rumours online about the
recent stock market crash and fatal explosions in Tianjin, according to state
news agency Xinhua. A journalist and stock market officials are among those
arrested, Xinhua said. It gave no other details. Chinese
shares fell by
nearly 8% after a week of volatile trading that spread fear to global markets. The Tianjin explosions killed 150 people - with 23 still
missing. A total of 367 people remain in hospital after the 12 August blast at
a warehouse where large amounts of toxic chemicals were stored. Twenty are in
critical condition, according to Xinhua. Separately, the UK's Financial Times
says Chinese leaders feel they mishandled their stock market rescue efforts.
Europe Stocks Head for Worst Month Since 2011
Amid Fed, China - (www.bloomberg.com) European
stocks headed for their worst month in four years, as investors weighed Federal
Reserve comments for
clues on the trajectory of interest rates, amid waning confidence in China’s
ability to prop up the market. The Stoxx Europe 600 Index slid 0.3 percent to
362.37 at 4:30 p.m. in London. The equity gauge earlier pared losses of as much
as 0.7 percent after data showed the
euro area’s inflation rate rose faster in August than estimated. The volume of
shares changing hands was about 55 percent lower than the 30-day average as the
U.K. market was closed for a holiday.
Families
of China's 'disappeared' say country is a place of 'fear and panic' - (www.theguardian.com) Beijing’s
security forces are transforming China into a place of “fear and panic”, the
families of 12 attorneys and activists who disappeared during a crackdown on
human rights lawyers have claimed. In an open letter to Guo Shengkun, the
minister of public security, the families said they had heard nothing from
their relatives since they were detained during a roundup of government critics
nearly two months ago. “Words fail to express our anxiety and helplessness,”
they wrote, according to a translation by China Change, a human rights website. “When a terrorist
attack is perpetrated, a terrorist group will come out and claim responsibility
for it. When the police system of the People’s Republic of China disappears its
citizens, shouldn’t it make a statement and say something?”
Junk-Rating Dread Sends Ibovespa, Real to
World's Biggest Losses - (www.bloomberg.com) Brazilian stocks
and the real led global losses on speculation that Latin America’s largest
economy is struggling to put its finances in order and avoid a credit-rating
downgrade to junk. The Ibovespa extended the worst monthly slide since
September, led by banks, after President Dilma Rousseff was said to have
abandoned the idea of reviving a tax on financial transactions to boost
revenue. The Brazilian government will send to Congress a budget proposal for
2016 that projects a primary deficit instead of the previously expected
surplus, according to two people familiar with the matter. Stocks also slumped
on renewed concern that China, Brazil’s top trading-partner, will fail to
revive its economy.
U.S. Stocks Slide With S&P 500 Headed for Worst Month Since
2012 - (www.bloomberg.com)
Europe Stocks Head for Worst Month Since 2011 Amid Fed, China - (www.bloomberg.com)
Asian Currencies Record Biggest Monthly Decline in Three Years - (www.bloomberg.com)
China's Stocks Cap Biggest Selloff Since 2008 on Rescue Doubts - (www.bloomberg.com)
Emerging-Market Stocks Head for Biggest Monthly Slide Since 2012 - (www.bloomberg.com)
Your ETF Is Not All It Seems for Emerging-Market Currency Hedges - (www.bloomberg.com)
30-Minute VIX Frenzy Exposes Obsession With Volatility Hedging - (www.bloomberg.com)
Europe Stocks Head for Worst Month Since 2011 Amid Fed, China - (www.bloomberg.com)
Asian Currencies Record Biggest Monthly Decline in Three Years - (www.bloomberg.com)
China's Stocks Cap Biggest Selloff Since 2008 on Rescue Doubts - (www.bloomberg.com)
Emerging-Market Stocks Head for Biggest Monthly Slide Since 2012 - (www.bloomberg.com)
Your ETF Is Not All It Seems for Emerging-Market Currency Hedges - (www.bloomberg.com)
30-Minute VIX Frenzy Exposes Obsession With Volatility Hedging - (www.bloomberg.com)
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