Global Markets Find Calmer Waters
Phew! That’s the mood among investors in Europe and Asia this morning, after U.S. markets soared nearly 4 percent yesterday and Chinese markets jumped today. Fed member William Dudley helped, declaring that arguments for a September interest rate increase were “less compelling” after recent market turmoil, which saw a week of record negative spikes and one-day drops. Chinese authorities, who recently lowered interest rates, reportedly bought up blue-chip shares today and juiced a 5.3 percent surge in the Shanghai Composite Index. New U.S. economic data is also looking up, encouraging traders — not to mention a 200-point Dow jump when New York markets opened.