China stocks seesaw, turbulent trading for oil and an elementary discovery

This article is published in collaboration with The Financial Times.

Chinese stock markets, fresh from sparking a global rout on Monday, began Tuesday with wild swings — swiftly turning steep declines at the open into positive territory before falling again, all within the space of 10 minutes.

Chinese markets were dented on the first trading day of the new year by fresh concerns over the health of the domestic economy, sending global equities down by the most in more than four months. (FT)

In the news

Turbulent trading for oil Crude oil prices swung in a wide range on Monday as traders weighed increased geopolitical risks in the Middle East against weakening data from China, a major commodities consumer. US crude oil rose as much as 3.6 per cent, and fell as much as 1.9 per cent during the volatile session on Monday, according to Bloomberg data. (FT)

Mideast discord deepens Bahrain and Sudan on Monday followed the lead of their Sunni ally Saudi Arabia and severed relations with Iran, as the political crisis deepened over the execution of Nimr al-Nimr, the dissident Shia cleric. (FT)

World’s largest blue star sapphire found Gemmologists in Sri Lanka claim that the largest blue star sapphire yet has been discovered in a mine in the country. The gemmology institute in the capital Colombo has certified that the gem weighs 1,404.49 carats and say they have not certified anything larger. (BBC)

US files suit against VW The US government filed a civil complaint against Volkswagen for allegedly allowing nearly 600,000 vehicles with diesel engines to “emit excessive air pollution across the country, harming our health and cheating consumers”. The allegations, which are the latest step in the US government’s case against the big German automaker, carry penalties that could stretch into the billions of dollars. (FT)

Obama takes action on gun violence The White House has revealed plans to make it harder to buy firearms as President Barack Obama seeks to curb the “scourge” of gun violence in his final year in office. Fulfilling a pledge to bypass Congress, the White House announced measures to expand background checks on gun buyers and step up the enforcement of gun laws. (FT)

It’s a big day for

Venezuela, where the new year heralds a power struggle as an opposition-led legislature is sworn in. (FT)

Food for thought

Predicting the future An increasing number of banks and fund managers are making very long-term forecasts, arguing they are easier to do than shorter-term predictions. But do they really tell anyone anything? (FT)

China’s new religion Scarcely a decade ago, Chinese marathon organisers struggled to fill their starting blocks. Now, in the big cities, runners have to win a lottery to enter. “Running is the new religion of the Chinese middle class,” said one enthusiast, who believes the nation has moved beyond the days when its national sport was, well, shopping. (FT)

The man with 1,500 credit cards They are all valid and offer a total credit line of $1.7m. The collection started with a bet in the 1960s and culminated with a title in the Guinness Book of World Records and a wallet that stretches 250 feet. (ABC)

Elementary discovery Four new elements have been added to the periodic table, finally completing the table’s seventh row and rendering science textbooks around the world instantly out of date. The elements, discovered by scientists in Japan, Russia and the US, are the first to be added to the table since 2011, when elements 114 and 116 were included. (The Guardian)

Top destinations for 2016 From South Africa to the Andes, a select panel of travel industry leaders offers an insiders’ guide to the top destinations of 2016. (FT)

Video of the day

A new year bump John Authers analyses a hectic start to 2016, as Chinese stocks sell off, an impending leadership change in the US, and European manufacturers appear to gear for growth. (FT)

Publication does not imply endorsement of views by the World Economic Forum.

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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 near the headquarters of the People’s Bank of China. REUTERS/Kim Kyung-Hoon.