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The nation may even consider selling debt in the global markets, provided oil prices stabilise and government spending continues, John Sfakianakis, the Riyadh-based Middle East director at asset manager Ashmore Group, says. The stock had come under pressure after state media said...

US crude oil, also known as West Texas Intermediate or WTI, was down 45 cents at US$40.35 a barrel by 0910 GMT, after hitting a new 6-1/2-year low of US$40.23.

PetroChina Co. paced losses for energy companies as oil extended its decline from the lowest close in more than six years.

A smaller fall in clothing prices on the month compared with a year ago was the main contributor to this rise in inflation, according to the ONS, and falling prices for food and non-alcoholic beverages partially offset the rise.

The Dow Jones Industrial Average closed down 33.84 points, or 0.2%, at 17,511.34, after being off as many as 59 points.

Some participants also discussed the risk that a possible divergence in interest rates in the United States and overseas might lead to further appreciation of the dollar, extending the downward pressure on commodity prices and the weakness in net exports.

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.

But CPI was held back by the ongoing supermarket price war, with a 2.7% year-on-year fall in the price of food and non-alcoholic beverages. Shops such as Next and Clarks always cut prices in July, but this year the fall was smaller than in 2014.

Core inflation in July, stripping out volatile energy, food and tobacco prices, rose to 1.2% – its highest rate since February.

And now the People’s Bank of China has joined the parade. However, the stronger dollar over the past year constitutes a headwind for net exports and a drag on growth.

Members of the Fed will see the release of the Consumer Price Index report for August, due September 16, on the morning of the start of their next monetary policy meeting.

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.

S&P 500 e-minis ESc1 were down 5 points, or 0.24 percent, with 122,128 contracts traded. Germany’s DAX Index slipped 0.2 percent, France’s CAC 40 Index slid 0.3 percent, while the UK’s FTSE 100 Index fell 0.4 percent. Morgan Stanley said the company’s...

On its part, China has increased its presence on the continent funding major infrastructure projects in a number of Sub-Saharan Africa countries as it sort to gain a upper hand in deals that involve raw material for its fast growing industries back home.