90 seconds @ 9am : EU raises dairy subsidies

The EU has caved in to local pressure and is increasing its subsidies to farmers again. We should also note that Wall Street is closed today for a public holiday. China released its July data on its foreign exchange reserves overnight and that showed it burning through its huge stockpile at the fastest pace yet as it seeks to prop up its currency and stem a rising tide of money flowing out of the country. Read the full story here : http://www.interest.co.nz/news/77472/chinas-reserves-fall-still-huge-china-pushes-stimulus-button-eu-caves-dairy-farmers-swaps