By John Kell and Alan Murray
July 27, 2015

While you were sleeping, the Chinese stock market took its biggest nosedive in eight years, providing an answer to the question: How long can Beijing stop the inevitable? The Shanghai Composite Index bottomed out on July 8, then rallied for two weeks on what was called the “Xi Jinping put” – an extraordinary series of government measures designed to discourage (prohibit?) selling and boost buying, including a commitment to spend $20 billion via 21 brokers. It worked for a while. But markets have a strong anti-authoritarian streak, and Xi Jinping has now learned that it’s a bad idea to use the stock market as a measure of the success of his policies.


Separately, the Wall Street Journal poured more cold water on the notion that the U.S. is turning into a nation of freelancers. I’ve addressed this issue before: The rise of on-demand markets like Uber, Airbnb, Taskrabbit, etc., does hold the potential to profoundly change the nature of work, and over time I suspect it will have significant effects on the economy. But right now, it’s a phenomenon at the margins. If anything, statistics show Americans are less likely to be self-employed or hold multiple jobs than in the past.


Enjoy the day.


Alan Murray


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