国际英语新闻:China's Stock Slump Continues; Europe's Markets Bounce Back

Experts said U.S. stock markets were due for a major correction after nearly tripling since 2009.  Joshua Brockwell of Azzad Asset Management said such  self-correcting mechanisms ensures stocks are fairly priced.

"If you think of it as a kind of tremor instead of a great earthquake, the ground is kind of letting off a little steam," Brockwell said.  "The market's kind of letting off a little steam right now, which is actually a healthy thing for stocks [in the] longer term."

“Now that we have seen this retrenchment over the past couple of days, equities or stocks have gotten back to a fairer valuation, and are actually cheaper, so it could be an opportunity for a longer-term investor to buy,” he said.

China's growing economy has been a major market for commodities and all kinds of goods for many years. But a series of economic shocks have made investors question the health and growth of the world's second-largest economy.

Chinese stock markets doubled in value over the 12 months ending in mid-June, but the central bank put a halt to that rapid rise when it devalued the yuan currency on August 11. Bank officials called it a free-market reform, but many economists and markets around the world saw it as the start of a long-term yuan depreciation to spur exports.

An economic report showing weak manufacturing data last Friday triggered a massive slide in Chinese stock prices, and that was followed by the Shanghai market's biggest losses in eight years on Monday. The rest of the world's markets saw those signs of slower Chinese growth as an indicator of a global business decline, and that ignited Monday's widespread market collapse.

Drop downplayed in China

Chinese state media made little mention of the volatility in the market on Tuesday, with state television spending a large part of the day focused on preparations for a massive military parade in Beijing next week to mark the 70th anniversary of the end of World War II. On major websites, news of the market’s continued turmoil was present, but conspicuously lower on the page.

Overseas, some sought to cool concerns about the fluctuations in China’s market and the possible impact on is broader economy and consumer sentiment.

Australia’s Prime Minister Tony Abbott argued there is no need to "hyperventilate" about China's market turmoil. From time to time, he said,  stock market corrections and the bursting of bubbles can spill over into other markets.

In New York, S&P Capital IQ's Sam Stovall said China's growth probably would fall to 6.6 percent next year, which is dramatically slower than in the past.  But in a VOA interview, Stovall said that rate of expansion was still an "enviable" one.

In a rare comment midway through a financial quarter, Apple Chief Executive Tim Cook talked about his company's business.

In an emailed response to questions from The Wall Street Journal about an increase in iPhone activations over the past few weeks, Cook wrote that while he obviously could not predict the future, performance so far this quarter looked reassuring. He also voiced his belief that China represented an uNPRecedented opportunity over the long term.