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Asian markets prepare for more China-led turmoil

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Asian markets prepare for more China-led turmoil
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Asian markets braced themselves on opening for a further bruising in the sorry saga of what looks like a Chinese market in free fall.

A late night US sell-off laid waste to any veneer of stability on Wednesday morning despite yesterday’s rate cut by China’s central bank – its fifth since November last year.

The mainland’s benchmark Shanghai Composite dipped and rose erratically at the start, clinging on to a 0.5% rise but for how long? The index has already fallen about 16% this week.

A spark of light in the deepening gloom – Japan’s Nikkei showed some initial resilience, rallying 1.3 %.

Weeks of jitters about a slow down in China’s economy – the world’s second largest has culminated a global sell off and record falls on most markets.

The question now is what more can Beijing do to stop the rot ?