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CKI will issue 1.36 billion new shares to buy the 61 percent of Power Assets it does not own, the companies said in a joint securities filing.

The downdraft from China is rattling economies of its trade-reliant Asian neighbours and prompting many Western companies to reduce investments and look for ways to cut costs.

This was despite Chinese stocks tumbling again this morning – plunging more than 7%, and hitting their lowest level in eight months.

The Shanghai Composite Index, whose steep drop in recent days triggered worldwide selling, gained 5.3 per cent to close at 3,083.59 points, bouncing back from losses that wiped some 20 per cent off its value over the past week.

U.S. stocks rebounded in afternoon trading Wednesday after slumping for six straight days on concern that growth in China was slowing more quickly than previously thought.

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.

The three indexes closed lower three days in a row as investors wrestled with uncertainty over increased signs of a slowdown in China’s economy and the timing of a long-expected interest rate hike by the Federal Reserve.

“The question for investors is when to catch this falling knife”, Barty wrote.

Chinese authorities are investigating four securities brokerages and one current and one former employee of its securities regulator for possible stock market offenses. After hitting a seven-year high in mid-June, the Shanghai stock index has dropped more than 40 per cent,...

The People’s Bank of China reformed the exchange rate formation system on August 11 to better reflect market development in the exchange rate of the Chinese yuan against the US dollar.

The Dow did rally from that point and ended the day down 588 points.

The last market correction was four years ago.

The pan-European FTSEurofirst 300 was last down 5 percent at 1,355 points, wiping around 400 billion euros ($460.16 billion) off the index and taking its losses for the month to more than 1 trillion euros. The Nasdaq composite declined 19.76 points, or 0.4 percent, to 4,506.49....

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.

Robert Kleinhenz, chief economist with the Los Angeles County Economic Development Corp., agreed.