- China's Finance Ministry promised increased spending on infrastructure, a strengthening of fiscal policy and faster reform of the tax system to support the economy.
- Japanese stocks surged on Wednesday, posting their biggest one-day gain since the height of the financial crisis. The Nikkei 225 was up 7.7%, its largest gain since October 2008, after Prime Minister Shinzo Abe promised to cut the corporate tax by 3.3 percentage points over two years through the fiscal year starting in April 2016.
- The World Bank's chief economist warned the Federal Reserve against raising interest rates, saying such a move would cause "panic and turmoil" in emerging markets, according to the Financial Times. The warning comes after a similar one from the International Monetary Fund.
- The second day of strikes at German airline Lufthansa grounded 1000 flights, affecting around 140,000 passengers. The pilots are striking over retirement benefits, pay and Lufthansa's plans to expand low-cost operations. They want Lufthansa to halt the expansion of Eurowings, which has an Austrian operating license, while negotiations continue. Lufthansa says it needs to compete with low-cost companies such as Ryanair (RYAAY), which is targeting the lucrative German market. Ryanair's shares hit a record high on Wednesday as the company raised its profit forecast by 25%.
- The U.K.'s cheap fashion retail chain Primark is opening its first U.S. store in Boston on Wednesday, the Wall Street Journal reports. Primark, which sells dresses for as little as £5 ($7.80), necklaces for £2 and men's blazers for £25, is Britain's largest clothing and accessories retailer by unit sales.
More from China
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Momentum and trend are key with this type of stock, so it is essential we see that continue.
Let's review how our strategy has been working out.
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