Chinese stocks, UK Budget, and saving the burbot
![](https://assets.weforum.org/article/image/large_g9QOHEf5Pp08xzCgkE7t-6dj9W6zqBPGr0SEYZN1SCY.jpg)
![A hand holding a looking glass by a lake](/uplink.jpg)
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:
China
The daily briefing “FirstFT” from the Financial Times.
Chinese stocks tumbled again in morning trading on Wednesday, as investors rushed to sell what they still could. The renewed plunge followed another wave of share suspensions overnight, which have now halted trading in more than 50 per cent all listed companies on the two main Chinese exchanges.
Meanwhile the biggest listed companies in China have become the key line of defence for policy makers in Beijing as they struggle to contain a rapid downward spiral in the equity market. Beijing has stepped in to buy some stocks as a way of supporting broader equity indices, either directly or through purchases of exchange traded funds that track only large stocks. PetroChina, which has the heaviest weighting of any Chinese company in the Shanghai index, has risen 29 per cent over the past five days, even as its Hong Kong-listed shares have fallen. (FT)
In the news
Another day, another deadline Greece has been given five days to reach a deal with its creditors or face bankruptcy after European leaders called an emergency summit on Sunday of all 28 EU members to decide its fate. EU leaders said the No vote in the weekend referendum had severely constrained their ability to offer Greece aid and warned that any new bailout deal would include much tougher terms than those that could have been reached just two weeks ago. (FT)
Budget preview George Osborne will use his Summer Budget to announce a shift to a “lower welfare, lower tax” Britain, with plans to slash benefits to lower paid workers while cutting their taxes. He is also expected to soften the blow by announcing a rise in the personal tax allowance, currently GBP10,600, to illustrate his claim that the “Conservative way” to help those on low wages is to cut taxes. (FT)
US and Vietnam draw closer US President Barack Obama has held historic talks at the White House with the Vietnamese Communist party leader, Nguyen Phu Trong. It was the first such meeting since the two countries normalised relations 20 years ago. Analysts say the US and Vietnam are seeking stronger ties in the face of an increasingly assertive China. This month marks 40 years since the end of the Vietnam war. (BBC)
A few bad apples? A former trader and the first person in the global Libor investigation to face trial has insisted his managers were fully aware of what he was doing. Tom Hayes admitted he had asked colleagues at UBS as well as traders and brokers at other firms to help him rig Libor rates, but said he did not act dishonestly and that there were no rules or policies around Libor setting. (FT)
It’s a big day for
George Osborne The UK chancellor will present his seventh Budget but the first purely Conservative one for 19 years. The British economy is steadily recovering and public finances are slowly improving. You can read a checklist of the key issues here. (FT)
Food for thought
Shiny badges Professional designations cost time and money, but what is their wider benefit? They are portable from one job to the next but do not automatically provide a useful shortcut to understanding someone’s professional capabilities, argues Lisa Pollack. (FT).
The burbot: ain’t no panda When it comes to animals threatened with extinction, the cute and cuddly ones tend to get the most attention. But what about the ugly ones? An ode to the burbot, which was feasted on by royalty and written about by Chekhov. (BBC)
Central bank accuracy scores Bloomberg has ranked central bank forecasting. The Fed is the most optimistic, the Bank of Canada the most accurate. The best forecaster of all: the International Monetary Fund. (Bloomberg)
They muck you up Adversity in childhood can create long-lasting scars, damaging cells and DNA. When children or teens face adversity and especially unpredictable stressors, they are left with deeper, longer-lasting scars. Those who face chronic, unpredictable stress undergo biological changes that cause their inflammatory stress response to stay activated. (Aeon)
In drug abuse, women at greater risk As opiate abuse swells in the United States, women are particularly at risk. Researchers have found that women tend to become dependent on drugs more quickly than men, especially among those who abuse alcohol, marijuana and opioids. Meanwhile, heroin use has increased dramatically in the US over the past decade. (The Atlantic)
Video of the day
James Mackintosh looks at where investors can hide amid the turmoil in Greece and wild gyrations in Chinese stock markets.
This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.
To keep up with the Agenda subscribe to our weekly newsletter.
Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.
Image: A Chinese national flag flutters at the headquarters of a commercial bank on a financial street. REUTERS/Kim Kyung-Hoon.
Don't miss any update on this topic
Create a free account and access your personalized content collection with our latest publications and analyses.
License and Republishing
World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.
The views expressed in this article are those of the author alone and not the World Economic Forum.
The Agenda Weekly
A weekly update of the most important issues driving the global agenda
You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.
More on Financial and Monetary SystemsSee all
Mthuli Ncube
August 13, 2024
Rebecca Geldard and Joe Myers
August 9, 2024
Moustapha Mamy Diaby and Cynthia Gnassingbe
August 9, 2024
Andrea Willige
August 6, 2024
Omair Ansari and Manahil Javaid
August 6, 2024
Tapan Singhel and Daniel Murphy
August 5, 2024