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China to Close Stock Market to Honor World War II Anniversary

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The Shanghai stock market will be closed Thursday and Friday as China commemorates the 70th anniversary of the end of World War II.

That is probably welcome news for investors around the world in the wake of a global equities selloff sparked by weak Chinese economic data.

But heedless of mounting worries about its economy, or perhaps in an effort to divert attention, the Chinese government is going all out to mark the occasion in style. In addition to declaring Thursday a national holiday, there will be a military parade through Tiananmen Square with foreign dignitaries in attendance.

Once the parade passes by, there is likely to be more pain in store for China. Goldman Sachs on Monday said the Chinese economy is estimated to have shrank in July and is likely to remain weak in August and September, in part due to Beijing’s move to restrict construction and production during World War II commemoration ceremonies.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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