Chinese Stocks Fall on Concern About State Support, Economy

China’s stocks fell for the first time in three days amid concern about the economy and the level of government support for the equities market.

The Shanghai Composite Index slid 1.6 percent to 3,180.37 at 9:36 a.m. local time, halting a two day, 8.2 percent rally. Citic Securities Co. dropped 7.3 percent after the official Xinhua News Agency reported that company executives were detained on suspicion of insider trading.

China’s financial markets will be shut on Thursday and Friday for a national holiday celebrating the 70th anniversary of the World War II victory over Japan.

Source: Bloomberg

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Japan Stocks Fall, Extending Biggest Monthly Loss Since 2012

Japanese stocks fell, with the Topix index set to cap its biggest monthly loss in more than three years, as comments from Federal Reserve officials renewed speculation the U.S. may raise interest rates as soon as September.

The Topix slipped 0.7 percent to 1,538.78 as of 9:03 a.m. in Tokyo, heading for an 7.3 percent drop in August, the biggest such plunge since May 2012. The Nikkei 225 Stock Average fell 0.8 percent to 18,976.20, on course for a 7.8 percent monthly loss. The yen strengthened 0.3 percent to 121.31 per dollar, halting four days of declines. U.S. stock futures tumbled after Fed officials meeting in Jackson Hole, Wyoming, said inflation was likely to improve, dousing investor expectations that interest-rate hikes would be delayed until December.

Source: Bloomberg

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