The New York Times reports, "China's industrial slowdown is showing signs of sharpening, as its trade slump deepened further in August amid weaker demand from overseas buyers. Once seemingly indomitable as the world's workshop, China is now facing its most protracted declines since the global financial crisis, with overseas shipments falling 5.5 percent last month compared with a year earlier. That has dragged total exports 1.4 percent lower in dollar terms in the first eight months of the year. It is a sign that the country's sprawling manufacturing sector is losing competitiveness: Labor costs are rising relentlessly and the currency, the renminbi, remains relatively strong despite its devaluation last month. The currency move still left Chinese goods notably more expensive for foreign buyers than they were even a year ago."

"Prime Minister Narendra Modi and his top economic team on Tuesday assured a group of billionaires that India could withstand global turbulence and China's economic slowdown, then asked them to open their wallets.The meeting at Modi's residence came as India's rupee fell to two-year lows and a stock market sell-off wiped out most of the record gains made since he took office last year. Markets bounced back after the session.India's projected economic growth of 8 percent is still viewed by the IMF as a bright spot among major economies and has attracted foreign manufacturers, but indebted domestic firms are pushing for rate cuts and protection," Reuters reports.

The Wall Street Journal writes, "Some investors said markets had started to adjust to worries over a slowdown in China's economy, but that there was still potential for volatility fueled by China and uncertainty around a rise in U.S. interest rates. "The feeling that the worst is over for Chinese stocks should increase over the coming weeks, providing there are no major shocks, but investors are still very, very cautious," said Piotr Matys, an emerging-markets strategist at Rabobank. He said Tuesday's rally could be based on hopes that further signs of a dropoff in the world's second-largest economy may prompt China's central bank to take more measures to stabilize the market."