Donald “Trumped” By Hillary

US stock index futures rebounded from earlier session lows to turn positive as the debate kicked off. By the time the debate ended, futures were trading near the highs for the day, with Dow futures adding close to 100 points.  Another credible real time indicator, Google Trends, swung in favour of the former secretary of state as the debate progressed. Google said that post the debate, Clinton was more searched than Trump in every state in the US. The Mexican peso gained ground against the US dollar after being the currency worst hit by Trump’s ascent in polls amid concerns that a win for the real estate tycoon will likely lead to decreased trade between the two countries. The currency hit all-time lows against the USD as Trump gained momentum in polls, only to rally during and after the debate.

Profits earned by Chinese industrial firms grew last month at the fastest rate in three years, propped up by improving sales and lower costs.  Industrial profits soared 19.50% in August to CNY 535 billion ($80 billion) according to the Chinese National Bureau of Statistics. This was the fastest monthly pace since August of 2013. Manufacturing profits jumped 14.00% from a year ago. By contrast, net income for mining firms tumbled 71.00%.  The world's second largest economy has recently been showing signs of stabilisation, helped by rising government spending and a booming housing sector. The latest data provides fresh clues of a recovery, which has so far been patchy at best, with sectors such as iron and steel still burdened by excess capacity.  In related economic news, the Asian Development Bank, in report released Tuesday, raised this year’s growth forecast for China to 6.60% from 6.50%.