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Daily Scan: Chinese shares trim losses; S&P 500 futures on the rise

By NexChange
Capital Markets

Updated throughout the day

September 2

Good evening everyone. Despite a rough and tumble ride to the finish, there was just no way Beijing would let the stock market rain on their parade. The Shanghai Composite closed down 0.2% after falling as much as 4.7% earlier in the day while the Shenzhen Composite trimmed its 4.8% drop to finish the session down 1.98%. Hong Kong’s Hang Seng Index and Japan’s Nikkei Average meanwhile, slipped 1.18% and 0.39% respectively.

Here’s how the major European markets are faring:

CAC 40: -0.11%
FTSE 100: -0.01%
DAX: -0.09%

With Europe retracing losses, the futures market is signaling an upbeat open for the U.S. S&P 500 minis are currently trading 0.61% higher, while contracts on the Dow as well as the Nasdaq point to a 0.58% and 0.63% climb at the open respectively. The upcoming ADP employment change and QoQ labor costs could easily throw a monkey wrench to that rally though.

Here’s what else you need to know:

“I am not sorry,” says North Korea. The hermit state has denied  Seoul’s claims that Pyongyang’s recent expression of “regret” after a marathon negotiations amounted to an apology for a land-mine explosion that maimed two South Korean soldiers. Japan Times

U.K. construction hits longest growth period. The U.K.’s construction sector notched up its 90th month of growth today as the Markit/CIPS UK Construction PMI came in at 57.3 for August. The reading is slightly higher than July’s 57.1 showing and, as Markit notes, is well above the 50 threshold separating contraction from expansion. Markit

Argentina calls for the head of HSBC chief. Argentina's central bank has ordered HSBC to replace its chief executive in the country within 24 hours, accusing the bank of failing to prevent tax evasion and money laundering. The bank was accused of helping clients hide money in Swiss bank accounts. BBC

Streaming service Netflix launches in Japan. Netflix has partnered with Japanese mobile carrier SoftBank in a joint bid to tap some 36 million households with high-speed Internet access as part of global push. Channel News Asia

Australian GDP growth falls. A slowdown in Australia’s mining and construction sectors dragged the June quarter’s GDP growth down to 0.2%, a substantial decline compared to last year’s 2% climb. A drop in exports also played a hand in the fall, though domestic final demand as well as the nation’s financial, transport, and health industries all helped buoy GDP from sinking lower. Australian Bureau of Statistics

 Thailand arrests “main” bombing suspect. Police hunting those responsible for the shrine bombing that killed 20 people in central Bangkok two weeks ago arrested a second foreign suspect on Tuesday, Prime Minister Prayuth Chan-ocha describes the man as the main person in the bombing. South China Morning Post (paywall)

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