China’s benchmark Shanghai Stock Exchange Composite Index fell 2.2 per cent on Wednesday. Reuters
China’s benchmark Shanghai Stock Exchange Composite Index fell 2.2 per cent on Wednesday. Reuters

Asian stocks decline as fears grow over Chinese growth

Asian stocks fell on Wednesday as a key measure of China’s manufacturing strength declined more than expected to its lowest since 2009. It reflected concerns that the world’s second-biggest economy is growing at a slower pace than previously thought.

European stocks, however, bucked the trend after better than expected macroeconomic expectations were released that signalled to investors that the euro zone has not been as badly affected by China’s woes.

“As China is getting a cold, the virus is spreading basically,” said Aymeric Forest, a multi-asset fund manager at the London-based asset manager Schroders who oversees about US$12.5 billion. “In this environment, we believe that yields should remain relatively low and there’s little chance for global monetary policy to tighten too much.”

China’s benchmark Shanghai Stock Exchange Composite Index fell 2.2 per cent, while the benchmark Stoxx Europe 600 Index increased 0.6 per cent. The euro-zone economy is expected to continue to grow after increasing by an estimated 0.4 per cent in third quarter, according to Markit Economics, a company that produces closely watched economic indicators.Meanwhile, the European Central Bank president Mario Draghi said on Wednesday that it is still too early to tell economically if Europe will need more financial stimulus.

In China, a Purchasing Managers’ Index from Caixin Media and Markit Economics dropped to 47.0 in September. That missed the median estimate of 47.5 in a Bloomberg survey and fell from the final reading of 47.3 in the previous month. Readings have remained below 50 since March, indicating contraction.

The woes of Chinese stocks, which have been plummeting back to earth in recent months after a sharp rise, are weighing heavily on global investor sentiment, especially since the country is one of the biggest consumers of many commodities ranging from oil to copper. While the benchmark Chinese stock index is down only about 4 per cent year to date, since last June it has lost more than 75 per cent of its value.

And the fallout in China has weighed heavily on other emerging markets such as Brazil and Russia, which are major commodity exporters. At the same time, currencies of developing countries have been declining against the US dollar.

Investors dumped global stocks last week after the Fed’s decision to refrain from raising interest rates. The Fed chairwoman Janet Yellen expressed concerns about the turmoil in China and emerging markets spilling over into the US. That has caused investors to question the outlook for the global economy.

“It’s a fair reflection of more uncertainty surrounding the pace of nominal growth in the world and this low inflationary environment is likely to remain,” said Mr. Forest of the sell-off.

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Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
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Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through and

if you go

The flights

Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300.

Seeing the games

Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city.


Staying there

Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110.



Director: Richie Mehta

Starring: Nimisha Sajayan, Roshan Mathew, Dibyendu Bhattacharya

Rating: 3/5


Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE


Main card

Robert Whittaker defeated Ikram Aliskerov via knockout (Round 1)
Alexander Volkov def Sergei Pavlovich via unanimous decision
Kelvin Gastelum def Daniel Rodriguez via unanimous decision
Shara Magomedov def Antonio Trocoli via knockout (Round 3)
Light heavyweight:
Volkan Oezdemir def Johnny Walker via knockout (Round 1)
Preliminary Card

Nasrat Haqparast def Jared Gordon via split decision
Felipe Lima def Muhammad Naimov via submission (Round 3)
Rinat Fakhretdinov defeats Nicolas Dalby via split decision
Muin Gafurov def Kang Kyung-ho via unanimous decision
Light heavyweight:
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Chang Ho Lee def Xiao Long via split decision


November 13-14: Abu Dhabi World Youth Jiu-Jitsu Championship
November 15-16: Abu Dhabi World Masters Jiu-Jitsu Championship
November 17-19: Abu Dhabi World Professional Jiu-Jitsu Championship followed by the Abu Dhabi World Jiu-Jitsu Awards

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.


Favourite holiday destination: Turkey - because the government look after animals so well there.

Favourite film: I love scary movies. I have so many favourites but The Ring stands out.

Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.

Favourite colour: Black.

Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.

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