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The sell-off adds to what has been a hard few weeks for United States and worldwide markets.

Investors will keep a sharp eye on the Labor Department’s monthly jobs report on Friday, which will be the last one before the Fed meets on September 16-17.

The Wall Street Journal is reporting that “China’s government’s official purchasing managers index (out Tuesday) fell to 49.7 in August-its lowest reading in three years“.

On Friday, Fischer hinted that a rate hike was still a possibility in September despite widespread concerns about recent turmoil in stock markets.

The use of its own low-end chipset would allow Xiaomi to churn out even more affordable Redmi branded handsets, despite their relatively low price at the moment.

We are not expecting conditions to worsen in China.

Fears that Chinese growth is weakening dragging down the global economy with it are already hammering commodities and world stock markets. For years, investors have been fretting that the market could drop sharply when the central bank starts raising rates.

An increase in Iranian crude oil production of around 600,000 barrels per day is likely in the latter half of next year, a U.S. federal report found.

As the selling accelerated, some benchmark indexes were at or near 10 per cent below their recent peaks – a “correction” in Wall Street parlance.

Spot prices of Western Canada Select (WCS), a marker for heavy, diluted bitumen from Alberta’s oil sands sank to a 12-year low near $20 a barrel. WTI may drop to $US32 on the persisting global surplus, Citigroup Inc. said in a report August 19.

Oil has dropped below $40 a barrel for the first time since the end of the global economic crisis.

Leading members of the Organization of Petroleum Exporting Countries are maintaining output, while Citigroup Inc. predicts crude may slide to as low as $32/bbl, a level last seen during the world financial crisis.

The stock market’s steep decline this week has pushed the Dow Jones industrial average into what is known as “correction” territory.

October U.S. crude was down 87 cents or 2.1% at $40.44 per barrel having at one time touched a low of 6 ½ years at $39.86 per barrel during the day. At the same time the global benchmark Brent fell 2.5% down to $45.46 per barrel.

“If you look at the interest rate probability according to the Fed fund futures, on August 13 it was showing 50 percent for September and now it’s down to 32 per cent”.