Chinese stocks jump again with the late rally that sent the Shanghai Composite Index up 5%. Analysts say next week will be critical for China with lots of economic data scheduled to be released. Shanghai’s gains were underpinned by news that pension funds will invest $313 billion in stocks and other assets. Meanwhile, Wall Street has been on an incredible ride this week traveling 10,000 points, up and down, since Monday. Shareholder of Mylan (MYL) are scheduled to vote on a matter related to the company’s hostile takeover bid of Perrigo (PRGO). The vote–on whether Mylan can issue new stock for the offer–will be a pivotal step in moving forward with that bid. Freeport McMoran (FCX) shares are rallying on news that activist investor Carl Icahn’s taking a 8.5% stake in the company. Freeport McMoran’s performance has suffered amid a prolonged drop in commodities. July personal income and consumption data is released. August Michigan Sentiment comes out.
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