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Weekend Scan: China's central bank chief says worst is over for markets

By NexChange
Capital Markets

The migrant crisis continues apace even with Germany and Austria accepting desperate refugees from Syria. Pope Francis  "called on 'every' parish, religious community, monastery and sanctuary to take in one refu­gee family — an appeal that, if honored, would offer shelter to tens of thousands." In the U.S., millions of Americans are bidding a sad adieu to summer over Labor Day weekend. Monday, markets are closed.

Here is what else you need to know:

PBOC chief says the worst is over. Zhou Xiaochuan said the stock market rout is over and the yuan is heading into a steady state after the surprise devalutation last month.  Zhou made the remarked in Ankara during a two-day G20 meeting.  Surprisingly, world leaders struck an optimistic tone despite data revealing just how how much China's growth is slowing.  For the moment, all is good. The week poses challenges with a slew of data. The fun begins Monday morning when China releades foreign exchange reserves data for August.

Asia markets mostly lower. Hong Kong, the Nikkei, Korean and Chinese indices were mostly lower -- 1%-2%. Australia bucked the trend, edging 0.4% as dod the CSI 300 futures market, which gained 0.72%.

Pope is nervous about his first ever visit to the U.S., says Cardinal Dolan. The head of the Catholic Church has favored visiting the poor to the rich. Pope Francis has been critical in the past of the political and economic power in the U.S.  New York Times (paywall)

Fiat Chrysler, GM merger on “high priority.” Fiat Chrysler CEO Sergio Marchionne isn't taking "no"lying down. GM rebugged Marchionne in a merger bid, but he's at it again because he says the move would “be the best possible strategic alternative for us and for them.” Reuters

Falling oil prices hit Saudi Arabia. With crude oil prices practically cut in half, the world’s largest oil producer is currently working on slashing unnecessary expenses and delaying state projects. Which is ironic because they were the ones who opened up the taps to begin with. They have, however, built reserves and decreased public debt to near-zero levels. BBC

Nissan to repeat airbag recall. Federal regulators are worried that Nissan’s recall last year of almost one million vehicles did not correct a malfunction of the passenger airbag, meaning the automaker might have to recall the vehicles again. The New York Times (paywall)

Euro founder fears a creation of an EU superstate. Almost everyone agrees that there’s just no way a monetary union can survive without a corresponding fiscal union. Well, Professor Otmar Issing, the chief architect of the European monetary union, fears that next step would be “dangerous,” and that an undemocratic political union may be in the works too. The Telegraph
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