MONEY MASTER

Chinese stocks slumped as skepticism over Beijing's stimulus plans and weak holiday spending data impacted market sentiment. The CSI 300 Index fell as much as 5.1% , marking its first loss in 11 days, while a gauge of Chinese companies listed in the US dropped 6.9% on Tuesday, led by declines in travel and consumption-related shares . Investor enthusiasm over China’s stimulus-driven rally is fading, with no major new initiatives announced at a key policy meeting. Many strategists and fund managers have expressed concern that Beijing's spending pledges lack sufficient backing, while some fear that many stocks have become overvalued . During the Golden Week holiday , consumer sentiment appeared muted , with tourist spending rising 7.9% compared to 2019 , while the number of trips increased 10.2% . This resulted in a 2.1% drop in per-trip expenditure, signaling that despite the recent barrage of stimulus measures, consumer spending remains subdued.

WASHINGTON – President Barack Obama said Saturday the $787 billion stimulus program must be given a chance to work before consideration is given to a second such jolt for the still-ailing economy. Obama acknowledged in his weekly radio and Internet address that people are getting nervous about continuing high joblessness — the unemployment rate hit 9.5 percent in June — but said reversing payroll losses takes time. He asked Americans to be as patient as possible. Republicans have labeled the $787 billion stimulus a failure. Both Obama and Vice President Joe Biden have argued that the bulk of the money from the stimulus program is still being disbursed and that it already has saved many jobs. Obama criticized Republicans for opposing the stimulus but offering few alternatives to the worst recession since the Great Depression . And he rejected talk of a second stimulus, an idea that has been discussed by Democrats and even famed inves...