China

Next week world leaders will meet for the U.N. Conference on Sustainable Development to figure out how to improve the well-being of people around the world without wrecking the planet in the process.

But experts say the yuan is still substantially undervalued against the U.S. dollar. And the change won't mean much improvement in the persistent U.S.-China trade imbalance.

Amidst the slew of gloomy economic indicators from China over the weekend there was one bright spot: May's overseas shipments from China are up more than 15 percent over last year.

China today dropped its key interest rate by a quarter percent -- the first cut since 2008. The move shows the Chinese government is becoming concerned about the new evidence of a slowdown in the global economy.

China's central bank this morning surprised global markets by cutting interest rates for the first time since 2008 in an effort to stimulate the slowing economy.

Russia's President Putin is in China today to meet with Chinese President Hu Jintao about oil, natural gas, and a potential economic investment partnership.

Today top Chinese officials ordered foreign embassies to stop reporting air pollution levels in China, saying the monitoring by foreigners is illegal.

Figures coming out of China are showing a slowdown in manufacturing signalling that Western consumers are buying less.

The interest rate on 10 year government bonds is back up above 1.5 percent and Oil is down to $82 a barrel in New York trading. There are signs of a slowdown in Chinese manufacturing and continual uncertainty about the debt crisis in Europe.

Stocks are down all over the world this morning as investors have their first chance to react to the Labor Department's May jobs report that came out on Friday. But the negative market sentiment isn't just about jobs.