EUROPEAN HEADLINES
FT – China seeks to calm global nerves over Renminbi fall. Currency dip again rattles markets. Fears grow over economic slowdown
WSJE – Markets test China’s vow to ease grip. Beijing steps in to prop up yuan after devaluation
INYT – Attacks on migrants plague Germany. Concerns about far right grow as asylum seekers become frequent targets.
FRANCE
Le Monde – Chinese U-turn on the yuan involves risks. For the second day in a row, China lowered the dollar-yuan reference rate on Wednesday 12 August.
Les Echos – Stock exchange: the Chinese chaos. Biggest stock market plunge since October. The shock wave provokes a fall in gas and commodity prices. “Chinese authorities seem confused.”
GERMANY
Frankfurter Allgemeine (FAZ) – Crisis in China squeezes share prices of German companies. Further devaluation of Renminbi currency; IMF praises step towards floating exchange rates.
Sueddeutsche Zeitung – Concerns about business in China. German companies are concerned about the situation in China: BMW and Audi sell fewer cars, Siemens CEO Joe Kaeser already warns against panicking.
ITALY
La Repubblica – China: stock markets plummet, €230 million lost. Divisions between Tsipras and Merkel. China’s yuan falls for the second consecutive day, Beijing lowers its rate against the dollar, and international stock markets are worried. Greek crisis: Germany stops Athens and declares aids are not determined yet.
Il Sole 24 Ore – Stock markets suffer after China undervalues its currency. Chinese authorities have devalued the yuan for the second time in two days. This has caused much panic on European stock markets. Frankfurt closed at -3,25%, Milan at -2,96%. The US federal reserve said that this had “enormous implications for the global economy.”
POLAND
Gazeta Wyborcza – The drought will not break us. Nearly two-week long heat has dried off around a million hectares of arable land and rivers and forced power plants and companies to reduce their output capacity. Yesterday, however, a full power was restored in Poland so neither the economy nor food prices are in jeopardy.
SPAIN
El Pais – Fear rises with Chinese economy after another devaluation. Stock exchanges drop in fear of weakness within the world’s second largest economy.
Expansion – Bankinter and Sabadell get Banco Madrid’s sicav. The two groups acquire a half of the bank’s investment companies in liquidation.
UK
The Times – Students to win record number of elite places. Teenagers receiving A-level results today have an unprecedented opportunity to secure a place at one of Britain’s top universities.
The Guardian = Blair: Labour is heading for the precipice. Party faces danger of annihilation if Corbyn is leader, former PM claims.
©europeanunion2015
