that led to a cascade of selling, if you like, and the panicked selling. reading what happens in the shanghai market and saying this is what is going on in the real economy is not the way to do it. you look at statistics. they tend to be off what is actually happening. most economists are saying china is growing at a slow rate than official statistics. it is not falling off the cliff. andrew stevens live from hong kong, thanks. planned parenthood fighting back. the group defending practices in the letter to congress accusing an anti-abortion group of a smear campaign. the report from the experts hired from planned parenthood found recorded videos of officials of sales of fetal tissue were edited. it comes as lawmakers come to push the organization s federal
is difficult to prove. we know the government has given instructions, alison, for insurance companies and pension funds to actually buy the local market to prop it up. we saw a 5% pop in shanghai. most of that coming at the end of the day s trade. we saw the same thing happen today. 5% gain toward the end of the day. big buying coming into the market making sure things finish on a positive note. you say shanghai is down 5% for the week. it could have been worse. two days, down 15%. it clawed back from those lows. the gdp number in america is key for the asian numbers. it shows the slowdown hasn t effected the u.s. badly. the fact that any china slowdown, the slack there can be picked up by the strong u.s. economy. we saw that with commodity stocks in asia.
2009. we watch stocked of halliburton and trans ocean surge. good news about the economy, the u.s. economy grew at a 3.7% rate in the second quarter. higher than expected. that is a healthy sign that the american economy hasn t been hurt too much by chinese slowdown. shanghai s benchmark rising almost 5%. the index is still down almost 8% for the week because of the frantic selling monday and tuesday. let s get more on this by bringing in andrew stevens live from hong kong. it has been one tough week. one thing that hasn t changed is the situation in china. why this comeback? reporter: good morning, alison. it does appear this comeback is related heavily to buying of government into the stock market. we can t say for sure because it
back above $42 a barrel. it was oil s best rally since 2009. we watched halliburton and baker hughes surge more than 9%. we have good news about the u.s. economy. u.s. economy grew 3.7% in the second quarter. it hasn t been hurt too much by china stocks. the shanghai is up almost 5% today. let s bring in andrew stevens in hong kong. andrew, it has been a tough week. what has changed between when we watched asian shares tank to when they are kind of recovering now? reporter: i think in a word or phrase, government intervention, alison. we saw the selloffs and 15% down
traders having a good run. you are saying with the chinese government propping up the markets there, it is a smoke screen to what is going on in the actual economy. how much of a concern is that as far as problems in the future when we see the markets move again? reporter: it has always been in recent times a clear disconnect with what happens in the stock market in shanghai and what is happening in the real economy. we saw shanghai markets up 150% in a year to middle of june. at the same time the chinese economy was slowing down. the warning signs were flashing out. now we saw a selloff which began in june, alison. it was nothing to do with the fact they were worried about the economy. the government had stopped doing market boosting measures. a series of measures to boost the market. they stopped doing that. people started to say i will take big profits here.