Gravity brought China's soaring stock market back to earth with a thud on Wednesday. Disappointment about the lack - so far - of follow-through on stimulus promises has triggered a pullback in a spectacular rally and could be a harbinger of further weakness in China-exposed assets trading in London and Europe.
China watchers say yesterday's National Development and Reform Commission news conference was never going to be the forum for a substantial policy announcement. China volatility already pulled down European miners and luxury stocks on Tuesday but further drops in the iron ore price and selling of Rio Tinto and BHP shares in Sydney suggest more pressure ahead.
Minutes for September's Federal Reserve meeting are due later in the session, though they may not add much since Fed officials have been out in force in recent days pointing out last week's strong jobs reading is positive for the economy.The economy is facing a 'no-landing' scenario that undercuts the financial relief many Americans hoped for
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