The Week In Numbers: A Million-Dollar Accident

China has cut interest rates for the second time in just two months. It was trimmed by 0.25% to 4.6%. It is unclear whether the knee-jerk action by the People’s Bank of China was in response to the sharp fall in the Chinese stock market or to perceptions that the Chinese economy was showing signs of coming off the boil. But it seems to have done the trick in the US at least, where….

…. the Dow Jones Industrial Index put on the biggest one-day surge since 2011. It climbed 619 points or 3.95% to 16,285 points. The jump in the benchmark index could also have been prompted by comments from a member of the US Federal Reserve’s rate-setting committee that an interest-rate hike was now “less compelling” than a few weeks ago. Time will tell.

11 September is polling day in Singapore. That will be the day when nearly 2-1/2m eligible voters will choose their next government at the Singapore General Election. The mandatory Cooling-Off Day will be on 10 September. The day will mark a 24-hour period when all political parties will be prohibited from campaigning. Exciting times for Singapore!

Oil fell to a 6-1/2 year low this week. The fall was blamed on a build-up in gasoline and diesel stocks. Oil has lost around a third of its value over since June, despite the summer months being a peak US driving season. Some now believe that when American drivers lose the urge to cruise, oil inventories could rise again. Tough time for oil.

And finally, a painting by Italian master Paolo Porpora has been fully restored after an unfortunate accident. The painting, “Flowers”, which is estimated to be worth US$1.54m, was damaged when a 12-year-old boy stumbled and punched a hole in the canvass. The boy’s family will not have to pay the restoration costs though, as the painting was already insured. Thank goodness for insurance.

The Motley Fool's purpose is to help the world invest, better. Click here now for your FREE subscription to Take Stock -- Singapore, The Motley Fool's free investing newsletter. Written by David Kuo, Take Stock -- Singapore tells you exactly what's happening in today's markets, and shows how you can GROW your wealth in the years ahead.

Like us on Facebook to keep up to date with our latest news and articles. The Motley Fool's purpose is to help the world invest, better.

The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore Director David Kuo doesn’t own shares in any companies mentioned.