Asia Markets Rally as China's Stock Market Rescue Efforts Falter
Asian markets rose, with Hong Kong and China leading the gains, while Japan's Nikkei 225 also climbed. However, Japan's unemployment rate for July came in higher than expected. Shares of embattled property developer China Evergrande continued to slide for a second day after trading resumed. UOB suggests that the weakness in China's yuan may be ending as the economy stabilizes. The Shenzhen Composite was the best performing index in Asia, driven by tech and industrial stocks. Toyota suspended operations at 12 assembly plants in Japan due to a system glitch.