Another white knuckle day for investors in Asia on Wednesday, as China’s main index finished down 1.3%.
The Chinese economy is slowing down and Beijing is doing what it can to stabilize the spiraling markets, cutting key interest rates on Tuesday.
Although The Shanghai Composite Index spent most of the afternoon in plus territory, sunk to 2,927.29 on heavy selling of steelmakers and other heavy industrials.
Other Asian markets regained some momentum by early afternoon. Japan’s main Nikkei 225 stock index was up 3.2 per cent to 18,376.83, and South Korea’s Kospi gained 2.6 per cent to 1,894.09.
The TSX rebounded on Tuesday closing up 98 pints while the Dow Jones In New York lost another 205 points.
The Loonie lost nearly a half-cent, closing below the 75 cent mark which is the first time the dollar has done that since 2004.