The Wall Street Journal reports, "Chinese authorities said they punished nearly 200 people for spreading online rumors in connection with recent major news events, in a government crackdown on politically sensitive discourse. The sweep targeted people who the government said spread false Internet rumors regarding events such as the stock-market turmoil and deadly explosions earlier this month in the port city of Tianjin, the Ministry of Public Security said Sunday. The ministry said the accused expressed remorse for their actions, in which they "misled society and the public, generated and spread fearful sentiment, and even used the opportunity to maliciously concoct rumors to attack [Communist] Party and national leaders."

Reuters writes, "Oil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China's economy. International benchmark Brent crude climbed 10 percent last week but was still heading for its fourth straight monthly decline and has risen in only two of the past 14 months. At 1250 GMT, Brent was down $1.42 at $48.63 a barrel and U.S. crude, which had rallied 12 percent last week, dropped $1.22 to $44.00. "Volatility was high last week, so now we're seeing some retracement - $50 is proving to be a resistance level," said Olivier Jakob, analyst at Petromatrix, referring to Brent. "It is still a market which is very well supplied."

"The fear that gripped financial markets this month is a stark one: That China's economy might be slipping into a decline that could persist for years. But the world's second-largest economy isn't collapsing - certainly not yet, anyway. What's really in freefall is confidence in its leaders, once seen as wielding near-mythic power to keep their economy growing at a propulsive pace. Global stock markets have sunk - and gyrated - as investors have wrestled with their doubts. The Dow Jones industrial average has lost nearly 1,000 points since China's surprise move to devalue its currency Aug. 11. That step, in part an effort to align the yuan with market forces, was also seen by investors as a desperate bid to fuel exports in a faltering economy," The New York Times reports.