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Wednesday, July 8th

Chinese stocks tumble again “Hundreds of Chinese companies suspended dealings in their shares in a bid to arrest a frenzy of selling on China’s main stock markets, which have lost more than a quarter of their value since June. The move, considered by many analysts to be another stumbling response to a full-blown share price crash, sparked a nervous reaction in commodity markets and sent copper prices to a six-year low. Beijing has supported a series of market operations to halt a sharp decline in share values on the Shanghai and Shenzen exchanges over the past four weeks, but each one has been criticised for failing to restore market confidence. Chinese shares fell on Tuesday after premier Li Keqiang’s failure to mention the deepening market crisis in a statement on the economy. Before the market opened, Li said in comments on a government website that China had the confidence and ability to deal with challenges faced by its economy. But he had nothing to say about the three-week plunge that has knocked about 30% off Chinese shares since mid-June.”

The Guardian