Join NexChange - the professional
network for the financial services
industry - and receive a free one-
year subscription to Forbes
Daily Scan: Asia closes its worst quarter since 2008, China autos soar
Updated throughout the day
Good evening. The bell has rung and China's stock markets have posted their worst quarterly losses since 2008, despite finishing in positive territory. The CSI300 - an index of the largest companies on the Shanghai and Shenzhen markets - lifted by a modest 0.8%, and the Shanghai Composite edged up 0.5%. These modest gains pale into insignificance against the roughly 29% both bourses have lost since the start of July.
China's auto industry was the biggest winner in the quarter after the government halved sales tax on small-engine cars. Changan Auto, Great Wall Motor, and SAIC Motor surged 9.99%, 10.02%, and 3.94% respectively. However. Beijing's recent stimulus efforts do not erase the fact that China's auto industry has had its worst year since becoming the world largest in 2009.
Here is what else you need to know:
Japan on brink of technical recession. Japan is on the verge of a technical recession. Industrial production for August — a crucial input into gross domestic product — unexpectedly fell by 0.5%on the previous month after a 0.6% fall in July. Financial Times (paywall)
China arrests two Japanese citizens for spying. Japan's top government spokesman confirmed Wednesday that China has detained two Japanese citizens, after reports that they were arrested on suspicion of spying. The two were both picked up in May, one in Zhejiang province and the other in Liaoning. The New York Times (paywall)
IMF warns of new financial crisis if interest rates rise. Rising global interest rates could prompt a new credit crunch in emerging markets, as businesses that have ridden the wave of cheap money to load up on debt are pushed into crisis, the International Monetary Fund has said. Guardian
Climate change is going to be very expensive, says BoE chief. The governor of the Bank of England has thrown down the gauntlet to the fossil fuel industry with a blunt warning that investors face “potentially huge” losses from climate change action that could make vast reserves of oil, coal and gas “literally unburnable”. Financial Times (paywall)
Russian legislature gives use of Syria force the green light. In a closed-door session of the Federation Council, Russia’s highest body of parliament, senators voted unanimously to to give President Vladimir Putin authorization to use military force in Syria. Washington Post
Indonesia's Jokowi 'needs time' to tackle haze. Indonesian President Joko Widodo has said he needs time to tackle the forest-burning which creates a haze every year over South East Asia. He Indonesians were also victims of the haze, but it would take three years for results to be seen from efforts to end the huge annual fires. BBC
Afghan forces fight to retake Kunduz from Taliban. Afghan forces have been battling Taliban fighters to retake the city of Kunduz, a day after it fell to the insurgents in their biggest victory since their removal from power in