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“Given the sufficient forex reserves with the RBI, the central bank will not allow the continuous slide in rupee’s value”.

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

Equities continued to slide across the globe Friday after China released its weakest manufacturing data since the global financial crisis, which accelerated losses in riskier assets.

Inflation has remained below the Fed’s 2 percent target for annual price increases for more than three years. The prospect of the Fed raising rates has boosted the dollar, further undercutting inflation through lower import prices. A line from the report stating:...

GoldMoney (Other OTC: BTGDF – news) dealing manager Kelly-Ann Kearsey said: “The US Federal Reserve’s caution with regard to when it might put up interest rates has hit the dollar this week, and that combined with the continued economic woes in China has pushed...

A private factory gauge unexpectedly fell to the lowest level in more than six years, data Friday showed. At the same time, policy makers also expressed concerns that given recent drops in commodity prices inflation is still too low to justify an interest rate increase.

A lot of the FTSE is oil and gas and mining stocks and those are at the mercy of commodity prices, and there’s no knowing where they are going to end up’.

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 fund had been expected to include the Chinese yuan currency into its supplementary foreign exchange reserve assets on January 1, 2016.

In Europe, the FTSE 100 index of leading British shares was down 0.8 percent at 6,472 while Germany’s DAX fell 1.1 percent to 10,800. Heating oil fell 4.1 cents to close at $1.518 a gallon.

The Shanghai Composite closed down 3.4% and the smaller, tech-heavy Shenzhen index lost 3%.

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%.

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

“The Perseids build up to their peak slowly, so if that night is cloudy, try any early morning” through Friday, Deane Morrison advised in a Minnesota Starwatch report for August from the University of Minnesota.

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.