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This time, battles over Planned Parenthood and education could lead to another standoff between the Republicans and the White House, and Heckscher doesn’t see the Fed making a move under threat of a shutdown.

Keith Berlin, director of global fixed income and credit at Fund Evaluation Group in Cincinnati, Ohio, said “markets have awakened to the realization that China’s growth story is not what it once was”.

The Standard & Poor’s 500 index lost 13 points, or 0.6 percent, to 2,083 and the Nasdaq composite fell 29 points, or 0.6 percent, to 5,030.

US stocks initially posted their sharpest rally of the year in Tuesday morning trading after investors looked for bargains a day after Wall Street’s worst performance in four years.

U.S. inflation in the first half of the year was probably “markedly lower” than reported, but policymakers are unlikely to set interest rates incorrectly as a result, according to an analysis published Monday by the San Francisco Federal Reserve Bank. The Fed stepped...

We are not expecting conditions to worsen in China.

Shares in banks and asset managers also fell, and the Euro STOXX Volatility Index rose to its highest since late 2011 – more evidence of investor unease.

In addition, the PBOC is reducing the reserve requirements (RRR) for most big banks from 18.5 percent to 18.0 percent.

Japan’s Nikkei 225 Index dropped by 4.61% to 18,540.68.

Play video “China’s Economy: What Happened?”

The minutes to the July 28-29 meeting of the policy-setting Federal Open Market Committee, released last week, showed both a caution over still-low inflation and a concern over China’s economic malaise.

Many traders had hoped Beijing would take support measures, such as an interest rate cut, over the weekend after China’s main stocks markets slumped 11 percent last week.

By increasing demand for them, the government hopes prices will rise. As the slide highlighted on Monday, those efforts have not been a success.

Hong Kong fell 1.53 per cent, or 347.85 points, to finish the day at 22,409.62 – its lowest point since May 2014 – taking it into a bear market after a more than 20 per cent slump from its April peak. The Nikkei 225 index ended day down 0.9% at 20,033.52 points....

“There’s no shortage of things people can cite, from the movement in currencies, to the weakness in commodities and fears about China“, Lee said. “This is about growth“. Gold futures rose as the selloffs spurred a flight to safety, with the yellow...