UK GDP is coming. The figure for the UK’s Q2 economic performance is coming at 9:30 a.m. London time (4:30 a.m. New York time). Analysts are expecting a 0.7% boost on the quarter, considerably stronger than the 0.4% rise recorded in Q1.
Chinese regulators say they will keep buying stocks. The state-backed China Securities Finance Corporation will continue to buy stocks, Xinhua news agency said, citing Zhang Xiaojun, a spokesperson with the China Securities Regulatory Commission (CSRC).
But Chinese stocks still fell by 5% just after the open. The Shanghai Composite tumbled after an 8% crash on Monday, but picked up a little late. As of 6:50 a.m. London time (1:50 a.m. New York) the index is down 1.87%. Hong Kong’s Hang Seng is up 1.03% and Japan’s Nikkei is up 0.08%.
Tom DeMark, who predicted the bottom of the Shanghai Composite in 2013, says Chinese stocks have 14% further to fall. DeMark, an analyst from Arizona, said that the index would fall to 3,200, meaning a 38% decline in total from the peak in June, according to Bloomberg.
Procter & Gamble has a new CEO. Procter & Gamble Co will replace Chief Executive A.G. Lafley with company veteran David Taylor in a widely expected appointment that could be announced as soon as Thursday, the Wall Street journal reported.
BlackRock is making a name for itself in private financing. The asset manager, the world’s largest, is trying to build a name for itself in private financing deals to attract and please yield-hungry clients such as US pension funds, according to institutional head of business Mark McCombe. He sees particular opportunity now because banks that had funded those types of projects are constrained from doing so by post-crisis regulations.
13 major US companies are pledging $US140 billion (£89.90 billion) to fight climate change. Google, Apple, Goldman Sachs and 10 other well-known companies joined the White House in launching the American Business Act on Climate Pledge, a campaign that the White House said would inject $US140 billion (£89.90 billion) in low-carbon investments into the global economy.
Fiat Chrsytler recalls will cost the company $US90 million (£57.79 million). The Italian-American automaker will pay a $US70-million (£44.95 million) fine to the National Highway Traffic Safety Administration and spend a further $US20 million (£12.84 million) on consumer outreach activities, it said in a statement.
Toshiba’s interim CEO is staying in his role. Toshiba has decided to propose interim President Masashi Muromachi as a more permanent chief executive officer beyond September after a slew of executives resigned over their roles in the country’s biggest accounting scandal in years, Japanese media said on Tuesday.
Saudi Arabia says Iran is making threats to its neighbours. Saudi Foreign Minister Adel al-Jubeir on Monday accused Iran of making threats against Riyadh’s ally, Bahrain, which he said showed that the Islamic republic was harboring hostile designs against its Middle Eastern neighbours.
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