Global growth has been forecast to slow this year to its weakest pace since the financial crisis. The IMF has revised its growth forecast down to 3.3%. The fund was appointed to market turbulence in China and weak first quarter growth in the US. 

 

The Australian share market followed global markets higher today. The All Ords closed up 0.4%. The ASX 200 finished in a similar way. Recourse stocks were among the best performers today as the price of iron ore rebounded. BHP closed nearly 3%. Qantas went the other way. Asian stocks are mixed. China’s Shanghai Composite is up 5% on fewer stocks. Gold is higher in Asian trade and Tapis Crude is trading at around 61 US dollars a barrel. And the Australian dollar is buying around 75 US cents. 

 

Well, as the carnage on China’s stock market wasn’t better enough, ANP capital is facing a shareholder revote over its China growth fund. Investors are accusing the fund of having poor governments. ANP argues that it does engage with other state holders.