Quotes of the day

"The events of recent weeks in China's stock markets are likely to have a lasting impact on how international investors view the Chinese market. We think the confidence shock to the government's credibility may be a bigger risk than equity market turbulence - something that will have greater ramifications."

Franz Wenzel, head of investment strategy at AXA Group in France

"The global oil market is changing: There is excess industry capacity, large buyers are realizing self-sufficiency, and OPEC is losing its price-setting influence. All these will reshape the global crude market and sharply reduce oil prices."