World Economy

Sorry Saga

Sorry SagaSorry Saga

Asian markets braced themselves on opening for a further bruising in the sorry saga of what looks like a Chinese market in free fall, Euronews reported. A late night US sell-off laid waste to any veneer of stability on Wednesday morning despite yesterday’s rate cut by China’s central bank, its fifth since November last year. The mainland’s benchmark Shanghai Composite dipped and rose erratically at the start, clinging on to a 0.5% rise. The index has already fallen about 16% this week. Weeks of jitters about a slowdown in China’s economy–the world’s second largest has culminated a global sell off and record falls on most markets.