Cruel Summer for Stocks, Commodities as China Continues Slide

Chinese stocks sold off again, leading a global market rout. The Shanghai Composite closed down 8.5%, it's worst day since the 2008 financial crisis. There is a growing sense the Chinese government is losing control. Regulators said they would allow the Chinese state pension fund to invest up to 30% of its total net assets in stocks and other equities but it had no impact on investor sentiment. Netflix (NFLX) is partnering with Softbank to launch in Japan. Under the agreement signed today, Softbank customers will be able to sign up for Netflix at Softbank's retail shops, website and call centers. Chipotle (CMG) plans to hire 4000 employees in a single day next month. The Wall Street Journal says its seeking to counter a tight labor market in the restaurant industry. The planned September 9th hiring binge would expand Chipotle's 59,000 member workforce by 7%.