China Auto Dealers issue a Vehicle Inventory Alert – the index soared most on record by 18.6 percentage points to 61.5%. (A reading above 50% indicates low market demand and high inventories). The total market demand index was 23.0%, a decline of 51.6 percentage points, a substantial decline in market demand index. Source: ZeroHedge
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China’s legislature passed a new intelligence law on Tuesday after an unusually brief round of discussions, a draft of which gave new powers to monitor suspects, raid premises and seize vehicles and devices. President Xi Jinping has overseen a raft of legislation to bolster national security against perceived threats from both within and outside China. Source Reuters
U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash. Source Reuters
The Dutch state raised about 1.48 billion euros ($1.68 billion) from selling an additional 7 percent stake in ABN Amro Group NV, taking advantage of steady demand for European bank stocks as it progresses toward full privatization. Source Bloomberg