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Markets Struggle to Stabilize
After a tumultuous week, the global capital markets are struggling to stabilize. Chinese equities were under sharp downward pressure following news reports that the large-scale intervention was to end. However, stocks roared back in late dealings, and other reports indicated that brokerages were being asked to boost their contribution to the equity market rescue fund by another CNY100 bln (~$15.7 bln). Meanwhile, the message from Jackson Hole was the officials in US, Japan and Europe expect inflation pressures to increase. The signal from Fed officials was a rate hike this year remained likely, and a move in ... (full story)