China wor­ries weigh down US stocks in early trad­ing

The China Post - - INTERNATIONAL - BY KEN SWEET AND CHRISTO­PHER S. RU­GABER

Another sell- off in Chi­nese stocks spread to global mar­kets Thurs­day.

The Dow Jones in­dus­trial av­er­age fell 210 points, or 1.2 per­cent, to 17,137 as of 10:05 a.m. Eastern. The Stan­dard & Poor’s 500 in­dex lost 23 points, or 0.9 per­cent, to 2,056 and the Nas­daq com­pos­ite fell 64 points, or 1.3 per­cent, to 4,954.

Chi­nese Sell-off More In­fec­tious

“It used to be just Aus­tralia that would catch a cold when China sneezed, but the Chi­nese sell- off is far more in­fec­tious than ini­tially thought,” said David Mad­den, maket an­a­lyst at IG.

An in­dex de­signed to pre­dict the fu­ture health of the U. S. econ­omy de­clined slightly in July yet still pointed to mod­est growth in the months ahead.

The Con­fer­ence Board says its in­dex of lead­ing in­di­ca­tors dropped 0.2 per­cent in July, af- ter healthy gains of 0.6 per­cent in both June and May.

The in­dex “is still point­ing to mod­er­ate eco­nomic growth through the re­main­der of the year,” Ata­man Ozy­ildirim, di­rec­tor of growth re­search at the Con­fer­ence Board, said. July’s de­cline was pri­mar­ily driven by a sharp fall in build­ing per­mits.

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