...And to think....a few months ago I was thinking about shorting their market.... Never would have been able to get my money out - glad I wasn't invested. lol
I have a hunch that the China stock market isn't too healthy at the moment. Or as Bill Paxton in Aliens succinctly put it: "Game over man, game over!"
Most of the drop happened after the ASX had closed for the day, so I doubt the miners will have a good day tomorrow
Just heard that they are expecting 10% drop tomorrow, which is the maximum any one stock is allowed to drop in a day, and hence the maximum average drop. Essentially abandon ship!
Down 5.1% today before further government intervention. http://www.cnbc.com/2015/07/27/china-stock-market-turmoil-when-will-it-end.html
Everything down about 3-4%. http://www.bloomberg.com/markets/world Just in time for September market doom.
It was China that saved Western capitalism from itself in 2009. But it is now the biggest threat to a lasting recovery, and financial markets have just woken up to the idea, writes Ian Verrender. It doesn't take much to rattle investors these days. The global economy is riddled with contradictions and beset by a niggling sense that the next global financial meltdown is just around the corner. Even my old mate Rupert succumbed late last week and began mongering his very own fear, indulging his newfound love of the Twit to ruminate on his vision of Armageddon. External Link Rupert Murdoch Twitter And this: External Link Rupert Murdoch Twitter Rupe and I don't often see eye to eye on many issues but, on this one, he's nailed it. If his concerns, or fears if you will, appear contagious, it's mostly because they contain a compelling logic. Friday night saw Wall Street notch up its worst performance in four years with a 531-point drop, a slump of 3.1 per cent. Last week, it seems, America woke up to the idea that all is not well in the world. That all this has come as a surprise is the biggest surprise of all. Company earnings have been uninspiring for years, with earnings driven by cost cutting rather than spending, corporate investment globally has been poor and the only reason stock markets have risen to records is that, with interest rates so low, there has been nowhere else to park money. For more than three years, Wall Street's bond and equity markets have been involved in an epic and unprecedented battle of wills, with wildly diverging views of the global economy. Both have surged to records which, in effect, means bond traders have been betting the ABC drum http://mobile.abc.net.au/news/2015-08-24/verrender-the-china-tide-has-turned/6718980
Hasn't China been listening to Joe Hockey? Come on China, Joe said your economy is going to keep being awesome!
