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Live Reporting

By Tom Espiner

All times stated are UK

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  1. Goodnight

    Well, it was definitely another eventful day on the global markets today. That's all from the biz live page for tonight, but join us again tomorrow at 06:00 for more breaking business news.

  2. S&P 500 down for sixth session in a row

    The New York Stock Exchange

    US stocks closed down today after falling sharply around an hour before trading ended. The S&P 500 closed down for sixth time in a row, and the Dow Jones lost more than 200 points. Both indexes reversed gains made in a rebound during the day, as did the tech-heavy Nasdaq.

  3. Wall Street negative at the close

    Traders work on the floor of the New York Stock Exchange

    Wall Street has reversed the gains it made today, and slumped further into negative territory at the close. The Dow Jones closed down 1.29% at 15,666.64, the S&P 500 was down 1.35% at 1,867.63, and the Nasdaq was down 0.44% at 4,506.49

  4. US stocks turn negative

    US stocks have turned negative on the Dow Jones, down 0.54%, and the S&P 500, down 0.52%. The Nasdaq remains positive with about five minutes to go until the market closes.

  5. Wall Street slides more

    Traders work on the floor of the New York Stock Exchange

    With around half an hour of trading to go, Wall Street has almost reversed the gains it made today. The Dow Jones is now 0.68% up, the S&P 500 is 0.65% up and the Nasdaq is 1.40% up.

  6. China 'has to get debt under control'

    Michael Pettis

    The problem the Chinese economy has is that for many years rapid growth has been fuelled by an even more rapid growth in debt, professor Michael Pettis of Peking University says. "They've got to get debt under control. By lowering interest rates, they've actually relieved the debt pressure, so they've given them[selves] a little bit more time. If they use the time to impose reforms, that's a good thing. If they use the time to allow debt to continue to grow, that just means we're going to have more of a difficulty in the next few years."

  7. China 'bubble has burst'

    BBC News Channel

    Frances Coppola

    China's stock market falls have been part of a correction in its market, says Frances Coppola, a financial commentator. "There was a very evident bubble that has burst, and it's now coming back down towards where it was a year or so ago. The question is whether [the Chinese market] will fall further than that." But she adds: "What's happening on the Shanghai index is to do with China, but what's happening everywhere else is really more to do with general market jitters."

  8. US stocks start to waver

    Traders work on the floor of the New York Stock Exchange

    Wall Street is starting to slip, and give up earlier gains, with around an hour and a half of trading to go. The Dow Jones now has a 1.52% gain, the S&P 500 is 1.57% up, and the Nasdaq is 2.36% up - each index has slipped around 0.5 of a percentage point compared with three hours ago.

  9. Boeing: China plane demand to take off

    China's first Boeing 787 Dreamliner delivered to China Southern Airlines

    Boeing has raised its outlook for China's long term aircraft demand, despite a slowing economy and ongoing stock market volatility. The US firm expects China will need 6,330 aircraft over the next 20 years, a 5% rise from last year's estimate. "Despite the current volatility in China's financial market, we see strong growth in the country's aviation sector over the long term," Randy Tinseth, vice president of marketing at Boeing Commercial Airplanes, told reporters in Beijing.

  10. Deals still being done

    Global markets may still be in turmoil but there are still deals going on. Dublin-based Medtronic, which makes medical equipment, said it has agreed a $458m deal for US firm Twelve. The private firm makes heart valve replacement devices. The deal is expected to complete in October.

  11. 'Uncertainty remains'

    While the rally in US and European stocks may suggest things are picking up again, analysts are warning where markets go from here is still uncertain. Terry Sandven, chief equity strategist at Bank Wealth Management, says today's rally is being driven by "value hunters" attracted by the low stock valuations. But a "wall of uncertainty" about global growth remains, he warns.

  12. Alibaba boss: Ignore share price

    Alibaba Group"s Executive Chairman Jack Ma (L) sits next to CEO Daniel Zhang

    Alibaba's chief executive Daniel Zhang (pictured right) has said that employees should forget about the firm's share price and focus on their jobs, after shares dropped below their flotation price of $68, the Financial Times reports. Alibaba's share price rose to $119 in November.

  13. US traders have had 'time to sit back'

    Samira Hussain

    US traders have taken the time to "sit back... and wipe their brow" after yesterday's sell off, the BBC's Samira Hussain says. Speaking about today's rebound, she says: "Some pretty important stocks have dropped by more than 14%, so for some traders this has now become more of an opportunity." However, concerns remain about the Chinese economy, she adds.

  14. Dow Jones - one stock falls

    Dow winners

    The Dow Jones has only got one stock that has fallen at the moment - drug firm Merck - the other 29 have risen.

    But if you look at the Dow over the past three months, the picture's a little more sobering:

    Dow Jones
  15. FTSE closes up after China rate announcement

    The FTSE 100 made and held gains today after China's rate cut announcement. The share index rose 3.09%, closing at 6,081.34 points. The Dax closed up 4.97% at 10,128.12, and Cac 40 finished 4.14% higher.

  16. 'Bargain hunters' fuel Wall Street rebound?

    The New York Stock Exchange

    Although Wall Street has made sharp gains today, some analysts are cautious about the rebound. Even with today's gains, the Dow and the S&P are on track for the their worst monthly losses since February 2009, while the Nasdaq could have its steepest monthly fall since November 2008. "Today's rally can be attributed to value hunters who are slowly moving into the market as valuation levels now seem reasonable," said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis, while warning that a "wall of uncertainty" about global growth remains.

  17. US bonds fall, and rate rise bets could be back on

    US Treasury in Washington, DC

    US bond prices have fallen as investors sell US government debt and other perceived safe-haven assets. In addition, encouraging US housing data and consumer confidence have helped to revive bets that the Federal Reserve will raise interest rates at its next policy meeting in September. "If the stock market does stabilise here, it's going to be a close call for a September rate hike," said Richard Schlanger, portfolio manager at Pioneer Investments USA.

  18. Bankers' burden

    Simon Atkinson

    India Business Report Editor

    Raghuram Raja

    More strong stuff in our interview with India's central bank governor Raghuram Rajan, who says central bankers are facing an "immense burden" to act.

    "I think it is quite legitimate for central banks to say at some point we can't carry the burden ourselves - in fact we may not have the tools to do everything that is asked of us. Don't keep asking us to do more because at some point we get into territory where the consequences may be more bad than good if we actually act."

  19. 'Variety of forces' behind market volatility

    Raghuram Rajan

    There are a variety of forces causing market volatility, says India's central bank governor Raghuram Rajan. "I don't think all of them are a reflection on China's future," he tells the BBC's Karishma Vaswani. There are "a number of concerns that the global economy has, including when rates normalise. The [US] Federal Reserve may well be the first off the block - there are questions about when that will happen. There are also questions about the levels of various markets. Are they too high?"

  20. Wall Street holds gains

    Traders work on the floor of the New York Stock Exchange

    Wall Street is holding its gains after a strong rebound in early trading. The Dow Jones is up 1.87% at 16,167.82, a rise of just under 300 points. The S&P 500 is up 2.01% at 1,931.21, and the tech-heavy Nasdaq is up 2.81% at 4,652.36.

  21. Pity the poor super-rich

    Bill Gates

    Spare a thought for those poor billionaires. According to Bloomberg, yesterday the world's 400 richest people lost about $124bn (£79bn) after the global stock market turmoil, leaving them with a measly $3.86 trillion between them. Microsoft's Bill Gates fortune dropped by $3.2bn, while Amazon's Jeff Bezos lost $2.6bn, for example. But given that US markets are rebounding this afternoon, they might be ok after all.

  22. 'Huge pressures' on Chinese economy

    BBC News Channel

    Miranda Carr

    There are "huge pressures" on the Chinese economy, including a manufacturing and investment slowdown, a stock market crash and the devaluation of the yuan, says Miranda Carr, head of China thematic research at investment bank BESI. She says China's rate cut announcement today is a sign that there are many more problems that the government is trying to stave off.

  23. On the NYSE floor

    Samira Hussain

    BBC business reporter, New York

    NYSE

    What a difference a day makes. There's a lot more green on the NYSE big board. It's certainly a far less frantic day than Monday on the floor, though just as much activity - and a lot more media around.

  24. Oil prices climb

    An oil pump works at sunset in the desert oil fields of Sakhir, Bahrain

    Oil prices are up following China's interest rate cut announcement. Brent Crude is 3% higher at $43.95 a barrel, while New York crude is 4.2% higher at $39.55.

  25. Lots of winners

    Best Buy store

    All 30 stocks on the Dow Jones industrial average are in positive territory, with JP Morgan the biggest riser, up 4.5%. On the S&P 500 there are just three fallers, with Best Buy the biggest riser up a whopping 17%.

  26. European markets surge

    No great surprise that European stock markets have reacted positively after an opening surge on Wall Street. The FTSE 100 is up 2.6%, the Dax in Frankfurt is up 4.3%, the Cac 40 in Paris is 4.1% higher, while Madrid's Ibex 35 is up 3.85%.

  27. Bargain hunters on Wall Street

    Wall Street

    Bargain hunters are out in force in New York after Wall Street suffered its biggest rout in four years on Monday. The Dow Jones is now up 366 points, or 2.3%, to 16,237 points, the S&P 500 gained 41.2 points to 1,935.9 and the Nasdaq composite jumped 120 points, or 2.7%, to 4,647 points.

  28. BreakingBreaking News

    US markets rebound

    Wall Street jumped on Tuesday, with the Dow Jones Industrial Average opening up 1.8%, while the S&P 500 jumped 1.9% and Nasdaq is up 3.5%.

  29. Rule 48 for NSYE

    The New York Stock Exchange is invoking the rarely used Rule 48 for a second time on Tuesday in a bid to prevent chaotic trading when markets open in 10 minutes. The rule was deployed on Monday to prevent panic selling - though as the Dow fell 1,000 points in minutes perhaps it didn't quite work.

  30. Those Chinese interest rates in full

    China markets

    Just in case you're wondering where Chinese interest rates now stand, the one-year lending rate is down by 0.25 percentage points to 4.6%, while the one-year savings rate is down by the same amount to 1.75%.

  31. Wall Street futures rise

    Wall Street is set for strong gains after China's central bank cut interest rates to support its economy. Dow Jones futures are up 600 points, or 3.8%, while the broader S&P 500 futures are up 72.8 points, or 3.9%. That's how much the S&P fell yesterday, as it happens.

  32. Beijing is 'engaged'

    Kallum Pickering, senior economist at Berenberg, said China's decision to cut rates sent a clear signal that Beijing, which has intervened several times this year to keep China's high-powered growth story on track, was still prepared to respond to market concerns.

    Quote Message: [This] has proved to markets that China is willing to act. Investors have been waiting for them to act and they have. Is this sufficient? It might not be but it does set a precedent that they are engaged and looking to prevent any further declines."
    Shanghai
  33. Copper prices up

    Copper mine

    Copper prices rose 1.2% to $5,040 a tonne on the London Metal Exchange after China raised interest rates. Leon Westgate, analyst at Standard Bank, said: "There's a short-covering rally going on. These are more measures designed to help underpin the Chinese economy. We'll have to wait and see if the rally is sustainable."

  34. FTSE 100 up 2.7%

    FTSE 100

    After rising by as much as 3.4%, the FTSE 100 is now falling back a bit to be 2.7% higher at 6,060 points. Miners remain the top risers, but computer chip designer ARM Holdings has muscled its way into the top winners, with a 6.7% gain.

  35. 'No shock move'

    The BBC's John Sudworth in Beijing says China's decision to cut interest rates by 0.25 percentage points today should not be viewed as a shock decision, given that it is the fifth such move since November. He says the government's broader aim is to ensure the economy continues to grow by about 7% annually - and cutting rates should stimulate more investment in China.

  36. 'Piecemeal' actions by China's central bank

    HQ of People's Bank of China

    Some strong criticism for China's central bank from David Goldman, managing director of the Hong Kong investment bank Reorient. He says interest rate cuts by the People's Bank of China have been "piecemeal". Speaking on Bloomberg Television he says the bank has failed to explain "what its intentions are". He said that Chinese interest rates remain "simply too high" and that a 2-3% cut is needed.

  37. India's central bank chief on BBC World

    Governor Raghuram Rajan

    The BBC's Asia Business Correspondent Karishma Vaswani has interviewed the chief of India's Reserve Bank Raghuram Rajan. He does not think that we are on the verge of a crisis similar to the 1997 Asian financial meltdown. But he says "we need to be vigilant". The full interview will run at 17:00 BST on Global on BBC World News.

  38. Indian central bank responds to market turmoil

    The governor of the Reserve Bank of India has been reacting to the turmoil in the Chinese financial markets. Simon Atkinson is the editor of India Business Report. He tweets:

  39. What's behind China's rate cut?

    Peter Thal Larsen is the Asia Editor of the analysis service Breakingviews. He tweets:

  40. Mining shares surge in London

    Mining shares have charged higher on Tuesday, helped by that cut in Chinese interest rates. BHP Billiton and Glencore are both up more than 8%. Antofagasta is up 7.5% despite reporting a big fall in profits earlier today, while Anglo American is 6.4% higher.

  41. Markets bounce on China move

    FTSE 100

    China's move had had an immediate effect on European stock markets. The FTSE 100 in London is now up more than 200 points, or 3.5%, at 6,106 points. The Dax in Frankfurt is 4.4% higher, while the Cac in Paris is up by 4.5%.

  42. China rate cut

    Economics editor Robert Peston comments:

    Quote Message: Spoke too soon. China has cut interest rates and so-called reserve ratios at banks, making it easier for banks to lend. Plainly the market falls have spooked Beijing that its 7% growth target will be missed. Ouch.

    More from Robert's blog here.

  43. BreakingBreaking News

    China cuts interest rates

    China has cut a key interest rate by 0.25 of a percentage point. The one-year benchmark lending rate has been cut by 0.25% to 4.6%. Meanwhile the Reserve Requirement Ratio has been cut by 0.5%. That means that banks will have more funds available for lending.

  44. South Africa contracts

    Our Africa Business Report presenter tweets on South Africa's poor economic figures. Its economy has been hit by the sharp slide in commodity prices.

    View more on twitter
  45. FTSE 100 update

    We're now three hours in to the trading day in Europe, and in London the FTSE 100 is gaining momentum, adding 160 points, or 2.7%, to 6,058 points. That's made up some of the sharp losses posted on Monday. Glencore remains the biggest riser, while Rangold is now the sole faller on the blue-chip index.

  46. Why European markets are up

    Economics editor Robert Peston writes in his blog:

    Quote Message: So why on earth has the plunge in Chinese stock markets left European markets unperturbed this morning after yesterday's fall? It may well be that the absence of massive (or any) Chinese state intervention to prop up the market has delivered some kind of coldish comfort to western investors - for two reasons. Another reason why London is up this morning, and Wall Street is expected to open higher, is that China's woes - and the slowdown in emerging markets in general - are seen to have delayed that fateful moment when the Bank of England and the Federal Reserve end our era of near zero interest rates."
  47. The view from China

    Chinese investor

    Business Live reader Gary Rhoades emails from China in response to Robert Peston's earlier tweet. He says people there are definitely talking about the stock market slump even though the media is not giving wide coverage to the story. "My Chinese colleagues say that it is shadow banks that loan money to people to invest in the stock market. These people will have lost. What the ramifications of that are, I hate to imagine," Mr Rhoades writes.

  48. Happier day for London

    BHP coal mine

    What a difference a day makes. After there being precisely zero risers on the FTSE 100 for much of Monday, there are just two fallers today: Rangold Resources and TUI. The biggest riser is BHP Billiton (pictured), up 5.2%, following its 9% slide yesterday, with Glencore also regaining some ground after plunging by 13% on Monday. The blue-chip index itself is up 2.7%, or 157 points, at 6,058 points after two and a half hours of trading.

  49. 'Cannibal' investors

    Zhou Lin, an analyst at Huatai Securities in China, says: "Global investors are cannibalising each other. Calling it a market disaster is not an overstatement. The mood of panic is dominating the market ... And I don't see any signs of meaningful government intervention." By the way it's not been a great few months for Huatai Securities itself. After floating in Hong Kong in June, the company's shares have fallen by a mere 50%. The IPO had been Asia's biggest this year.

  50. German business powers ahead

    A closely watched indicator of German business confidence is out today and showed a rise in optimism. The Ifo index rose to 108.3 in August, up from 108.0 in July.

    Carsten Brzeski, chief economist at ING-DiBa, blogs:

    Quote Message: Neither the Greek crisis nor the new Chinese uncertainties and stock market turbulences have been able to dent German business’ optimism.

    So why is that? Mr Brzeski continues:

    Quote Message: There are two possible explanations for today’s surprise increase. Either the ongoing stock market turbulences came simply too late to have an impact on the Ifo survey and will therefore only unfold their full negative impact next month, or German businesses are a bunch of ice-cold realists, sticking to the pure facts. In our view, there are many arguments in favour of the latter.
    Mercedes badge
  51. 'Markets have always been irrational'

    Business live page reader Chander Hingorani emails:

    Quote Message: Markets have always been irrational. Sentiment and emotion always drives the market. It is good that commodities and oil prices are down. It will help the manufacturing industry and the economy. It is also the time to buy. As Warren buffet said. Look at market fluctations as your friend rather than your enemy.
  52. European markets rebound

    Athens

    The Athens stock market rose more than 5% on Tuesday after falling 10% on "Black Monday". Other European markets also rebounded, with Paris and Lisbon both gaining 3.1%, Milan adding increased 3.4%, Madrid rising more than 3% and Moscow climbing 2.2%..

  53. Post update

  54. Sterling up against the euro

    Sterling rose against the euro on Tuesday, but underperformed against the dollar as investors pushed back on the timing of a probable interest rate rise by the Bank of England. The pound was 0.8% higher against the euro at 73.01p per euro, after falling to a three-month low of 74.21 pence on Monday when it lost more than 2% - its biggest fall since 2009. Against the dollar, sterling was flat at $1.5882.

  55. China cracks down on underground banking

    yuan notes

    Hardly coincidence that China chose today to announce a crackdown on underground banking to curb money-laundering and illegal funds transfers. Chinese law prohibits individuals from transferring more than $50,000 out of the country annually, but the underground banking industry has thrived in recent years as a channel to send money out of China. vice-minister Meng Qingfeng said: "Some 'grey funds' have been transferred through underground money shops across the border, which not only poses a serious risk to our foreign exchange management but also disturbs the order of financial and capital markets and threatens our financial safety."

  56. China faces challenge of pollution and corruption

    BBC Radio 4

    On Today Ngaire Woods of Oxford University says the economic slowdown in China may draw attention to other concerns among the population. They include issues such as contaminated food, air and water pollution and corruption. The government will have to deliver improvement on those issues, she tells Today.

  57. FTSE 100 exposed to China

    Business Live

    Simon Jack, BBC Business Reporter

    BBC business presenter Simon Jack points out that the slowdown in China is likely to have a bigger impact on the London stock market than the UK economy. That is because oil and gas and mining shares make up about 25% of the FTSE 100 and those shares are more exposed to the Chinese economy. But the UK does relatively little trade with China - its trade with Ireland is worth more - so the broader economy will be less affected by a Chinese slowdown.

  58. FTSE 100 back above 6,000

    The FTSE 100 is now back above 6,000 points, up 112 points, or 1.9%, at 6,011 points. The FTSE 250 - considered to be a better indicator of the UK economy - is 1.5%, or 248 points, higher at 16,463 points. Regus, the serviced office provider, is the biggest riser on the 250, up 7% at 266.5p after reporting better-than-expected results. Pre-tax profit is up 86% at £57.8m, while revenue rose 16.4% at £937m.

  59. What does the China slowdown mean?

    BBC Radio 4

    Beijing

    "China's economy is undergoing an extraordinarily important transition," says BBC economics editor Robert Peston on Today. While the government has a target of 7% growth, "nobody" thinks the underlying rate of growth is at that level. The big issue is whether the slowdown will be a sudden jolt to almost nothing, which would be "very damaging to all of us", Robert says. Central banks are focusing on a slowdown in emerging markets, including China, which now account of half of global income, he says. That slowdown might help delay a rise in UK interest rates by "weeks or months", Robert adds.

  60. Chinese growth 'running out of road'

    BBC Radio 4

    China flag

    China is "running out of road "when it comes to economic growth, BBC China editor Carrie Gracie tells Today. The country has had 35 years of rapid growth, but now faces difficult reforms, including dealing with growing personal debt and a fragile property sector. State-owned enterprises need reform, which is also difficult as they give the government considerable political support, Carrie says.

  61. European markets also up

    Dax treaders

    The Dax in Frankurt is up 1.3%, while the Cac in Paris is 1.4% higher today after both indexes fell sharply on Monday.

  62. Shangai closes down 7.6%

    Chinese shares have been crushed again, with the Shanghai Composite closing 7.6% lower. Meanwhile in London the FTSE 100 has held on to the gains posted in the first few minutes of trading, up 80 points, or 1.4%, at 5,977 points.

  63. More FTSE 100

    Glencore, which was the biggest faller in London yesterday, plunging 13%, is up 1.7% today, while BHP Billiton is up 3% after shedding 9% on Monday. It revealed a big fall in annual profits today, hurt by the slowdown in China. RSA Insurance - the sole riser on the blue-chip index yesterday - is up 5.6% to 522p after Zurich Insurance said it was willing to pay worth 550p a share. That values the UK group at about £5.5bn.

  64. BreakingFTSE 100 opens higher

    After closing down almost 4.7% on Monday, the FTSE 100 has opened 1.5% higher at 5,989 points - a gain of 92 points.

  65. BHP Billiton profits collapse

    BHP Billiton mine

    The slowdown in China is hurting mining giant BHP Billiton. Annual net profit was down 86% last year to US$1.9bn (£1.2bn). BHP chief executive Andrew Mackenzie said: "In the short term we expect ongoing economic reforms in China to contribute to periods of market volatility. And, while we remain confident in the long-term outlook for commodities demand ... we have lowered our forecast of peak Chinese steel demand to between 935 million tonnes and 985 million tonnes in the mid 2020s. This backdrop will favour low-cost producers with economies of scale." Underlying profits, which excludes one-off costs, fell 52% to $6.4bn.

  66. Tokyo closes down 4%

    Nikkei 225

    As the chart above shows, Japanese shares tumbled towards the close of trading, sending the Nikkei 225 almost 4% lower. In six consecutive sessions of losses the index has fallen by more than 14%.

  67. Brace yourself

    Frederic Neumann

    Be prepared for more market gyrations, says Frederic Neumann, HSBC's co-head of Asian economics research. "The recent turmoil has left even the most hardened trader gasping for air. And there's probably more to come. China's economy continues to slow and the [US] Fed may still hike rates before the end of the year. That puts further cracks into the two main growth pillars for the world economy of recent years: Chinese demand (including commodities) and easy money."

  68. Oil prices rise - slightly

    Oil prices recovered slightly after falling 6% on Monday, with US crude was up 49 cents at $38.73 a barrel, while Brent was up 38 cents at $43.07. London-based Energy Aspects said that ongoing oversupply and weakening economies, especially in Asia, were keeping oil prices low, while Singapore's Phillip Futures said that both US crude and Brent "look like they are on their way to 2008 levels where prices hit a low of $32.40 and $36.20".

  69. China and cheaper oil

    BBC Radio 4

    Petrol pump

    David Stubbs of JP Morgan tells the Today programme that the Dax in Frankfurt fell more than the FTSE 100 yesterday because Germany is more exposed to the slowing Chinese economy than the UK given the amount of machinery and other equipment it exports. "The direct effect on our economy is pretty minimal," he says. Mr Stubbs also says that low commodity prices - particularly cheaper oil - are here to stay. U.S. Lower oil prices is bad for the economies of countries such as Russia and Brazil, but is a tax cut to consumers and a driver of economic growth in the UK and US, he adds.

  70. Bubble 'simply had to burst'

    BBC Radio 4

    Hang Seng

    For many analysts the Chinese stock market was a "bubble that simply had to burst", says the BBC's Beijing correspondent John Sudworth. Even now markets are still up 40% on where they were last June. He says we've started to get signals over the past few days that the the government will pull back from more direct intervention in the financial markets.

  71. Dollar recovers after Monday's fall

    Radio 5 live

    euro vs. us dollar

    Monday's sharp fall in the dollar came as traders reassessed when the US Federal Reserve might begin to start raising interest rates. Jeremy Cook, chief economist at World First, tells Radio 5 live that on 7 August the markets were forecasting a 50% chance of a rise in US rates in September. But by the end of Monday that had slipped to a 20% chance. As a result traders sold the dollar. It's recovered somewhat on Tuesday, up 0.52% at $1.156 against the euro.

  72. Problems "mainly in emerging markets"

    Radio 5 live

    The Chinese government is "walking a tightrope" between economic reform and control over the economy says Maike Currie, associate investment director at Fidelity Worldwide Investments on Wake Up to Money. For it to stay in power citizens need to be getting better off she says. However, as it's still a big exporter "the world matters much more to China than China matters to the world" she says. The UK and the US are recovering strongly, it's in the emerging markets that we are seeing the problems according to Ms Currie.

  73. Monday's share sell-off an 'overreaction'

    Radio 5 live

    So was there an overreaction in the financial markets on Monday? "Yes," says David Stubbs, global market strategist at JP Morgan on Wake Up to Money. Asked about Tuesday's rebound for some markets he says "it's quite clear that the markets have realised the main issue is the Chinese stock market itself". He says the Chinese stock market was a "massive bubble" driven by extending margin debt - or buying shares with borrowed money. Mr Stubbs thinks the FTSE 100 could rebound 2% this morning. He blames "August markets" and " a lot of automated trading" for Monday's selling.

  74. Chinese shares down, other markets rebound

    Radio 5 live

    Share price screen in Thailand

    It's another session of hefty losses for Chinese shares - the Shanghai Composite index is down more than 4%. However there are modest gains for shares in Japan where the Nikkei is 0.78% higher, after opening as much as 3% lower. Hong Kong's Hang Seng is up 1.7% and Syndey's All Ordinaries is up 2.3%. On Wake Up to Money the BBC's Rico Hizon says that concerns remain over the Chinese economy slowing further.

  75. Post update

    Ben Morris

    Business Reporter

    Good morning. The "great fall of China" continues this morning, with Chinese shares again recording hefty losses. However other markets have recovered and analysts think the FTSE 100 could rebound when it opens later this morning. In the US the Dow ended 3.6% lower and the S&P 500 finished almost 4% lower.