Experts believe a wider spat with Europe would be much more damaging than the current tit-for-tat with China.Traderead more
After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
Markets pay particular attention to Italy's spending, given its public debt pile. This stands at above 130% of its growth rate, one of the highest in the world.Politicsread more
Flight bookings to Hong Kong have fallen 10%, hit by the unrest in the city, said Alan Joyce, the chief executive of Australian carrier Qantas Airways.Airlinesread more
Analysts generally doubt how effective the People Bank of China's latest interest rate announcement will be in significantly helping businesses grow.China Economyread more
These in-demand skills can command top pay packets, says Feon Ang of professional networking site LinkedIn.Get Aheadread more
Japanese manufacturing activity shrank for a fourth straight month in August as export orders fell at a sharper pace.Asia Marketsread more
The Washington governor had centered his campaign around climate change, calling it "the most urgent challenge of our time."Politicsread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
As if the falling ruble, crippling sanctions and plunging oil prices weren't a bad enough combination for Russian President Vladimir Putin, now his most important ally, China, is facing serious economic problems of its own.
Putin is in China this week for a World War II commemoration ceremony and for talks with his counterpart, Xi Jinping. The focus of the trip, according to the Kremlin, is to discuss trade and economic issues. Both are big priorities for Russia and China right now. Trade between them has dropped about 29 percent this year, according to investment data firm FactSet.
Eurasia Group president Ian Bremmer told CNBC that Russia is becoming more dependent on the Chinese economy, which he called a "dangerous proposition for Moscow given the uncertainty and volatility of China's long term trajectory. "
"In the near term, announcements of Chinese investment and trade have had more political meaning for Putin (undermining U.S. sanctions) than translating into huge concrete investment and trade," Bremmer said.
"Beijing is going to drive a hard commercial bargain with the Russians, made even more challenging by China's stalled demand for oil, gas and other key Russian commodities."
Edward Mermelstein, a New York attorney who advises high net worth individuals in Russia and the former Soviet Union, told CNBC his clients are less concerned about China and more worried about whether Russia will eventually pivot back toward the West.
"No matter how hard they try, both (Russia and China) are on a downward slide," Mermelstein said. China is experiencing its slowest economic growth in 25 years, and Russia's economy is shrinking. "There is no substitute for re-engaging with the West and removing all sanctions. It's the best thing for Russia, Europe and the U.S."
In order to stimulate growth, China is likely to spend more money at home, which could affect foreign assistance and projects outside China, said Jonathan Fenby, author and China director of the Research Service, a firm that analyzes emerging markets.
"The fall in energy prices is likely to lessen keenness of Chinese companies to invest in Russian oil and gas," Fenby added. "The bilateral relationship is primarily political."
Last year, China threw Putin a "lifeline, which included a currency swap agreement, credit for two sanctioned banks, the creation of renminbi-ruble derivatives, and the signing of dozens of agreements in October," said Gordon Chang, author of "The Coming Collapse of China." "Now, however, the arrangements look dubious."
Eurasia Group's Bremmer underscored that Putin is under no threat at home, however, and he still sees Russia benefiting from the relationship with China in the form of military ties and other links.
"That will only intensify going forward, a Chinese economic slowdown notwithstanding," Bremmer said.