US stocks managed to turn the tide in the global market sell-off as the S&P 500 rose 0.1 percent on Wednesday. The index had been down 1.5 percent earlier in the trading session.
Earlier in the day, the STOXX Europe 600 fell 2.7 percent, the Nikkei 225 fell 1.6 percent and the Shanghai Composite Index fell 1.1 percent.
There could be more volatility in markets on Thursday after China devalued the renminbi for the third consecutive day. This time, the RMB's daily fix was cut 1.1 percent to 6.401 per US dollar.
Meanwhile, echoing somewhat the views of fellow columnist Frances Coppola, Roger Aitken wrote in a Forbes article on Wednesday that China's debt-GDP ratio looks ominous.
Comparing the debt statistics for emerging economies, he noted: “Not only does China head the top 10 rankings for the absolute level of debt to GDP, the 5-year change in terms of total debt percentage to GDP stands at 47%-points for the country -ahead of Thailand and Brazil (both 27%) by a country mile.”
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