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Many analysts had been betting on a rate hike when Fed officials next meet in September given sustained strength in the world’s largest economy.

The move also creates potential headaches for US President Barack Obama as he prepares to host Chinese President Xi Jinping at a summit in September.

Particularly with uncertainty about the Chinese currency, “people are saying this is risk, and we step away from the market“. “Even then, the dependent question mark over growth will linger”.

European stocks fell into a correction on Friday, with a dismal week for the market rounding off with downbeat data from China and Greece facing a snap election.

Strategists and traders, noting the lack of major U.S. economic news on Thursday, said the drop in stocks was also likely tied to programmed selling, which came after the S&P 500 moved below one of its most closely watched indicators, a 200-day moving average.

The DAX is some 16 percent below a record high of 12,390.75 set in April and at its lowest level since January.

Having been outperformed by their larger peers earlier in the session, small-cap stocks roared higher in afternoon trade, with the CSI 500, Shenzhen Composite, and tech-heavy ChiNext indices all finishing with gains in excess of 2%.

Discussions of economic issues in policy circles often suffer from a “which way is up?” dilemma; it’s not clear what the problem is that needs to be solved.

A cheaper yuan is expected to aid exports for the world’s second-largest economy but also underlined concerns about the current status of the Chinese economy.

“Only the “national team”… would be able to turn the tide like this”, said Yingda Securities analyst Li Daxiao, referring to entities acting for the government.

U.S. stocks closed lower after a choppy session Tuesday as investors digested a mixed bag of quarterly results and an upbeat report on home construction in July. The consensus was for $4.77 per share.

Apple (Swiss: AAPL.SW – news), for whom China is a key market, fell 0.5 percent to 116.60 and was the biggest drag on the Nasdaq and the S&P 500.

Google is an original name. Google’s corporate motto is famously “don’t be evil”, although that hasn’t stopped the company from getting into strife with the European Union, which has been trying to break up Google for years, over its market...

The U.S. stock market is rising at midday, bouncing back from a discouraging report on manufacturing. The Dow Jones Industrial Average and the S&P 500 notched up 0.4 and 0.5 percent, respectively. The Australian dollar, often used as a liquid proxy of China-related trades,...

China’s decision on Tuesday to allow markets greater sway in setting the currency’s level triggered the biggest sell-off in 21 years and roiled global markets. The Chinese authorities assured everyone that this is a one-time step. The peso closed at 46.215 to the U.S....