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America’s police on trial

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China’s booming stockmarkets wobbled on December 9th, after the government announced a tightening of the rules on using corporate debt as collateral for loans. The Shanghai Composite plunged by 5.4% over a day, the biggest single fall in the index since 2009. Meanwhile, Chinese imports fell the most in November for eight months while exports grew at their slowest pace for six months. Inflation fell to 1.4%, a five-year low. See article 

OPEC cut its estimate for demand for oil next year; its current output is 1m barrels a day more than it thinks will be needed in 2015. With American oil inventories rising more than had been expected, oil prices fell further; Brent crude fell below $65 a barrel. Responding to the bearish oil market BP became the latest energy company to say it would cut back on its development spending.
Reports suggested that JPMorgan Chase may be left with a shortfall of around $22 billion under the Federal Reserve’s latest requirements for America’s biggest banks to hold more capital to protect them in a crisis. The …

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