Posted on 08/18/2015 2:56:59 AM PDT by TigerLikesRooster
Shanghai stocks close down over 6% on economy fears
By Bill Savadove | AFP – 10 minutes ago.
Shanghai stocks closed down more than six percent Tuesday, their biggest fall in three weeks, due to worries over the slowing Chinese economy and the government's commitment to prop up shares, dealers said.
The benchmark Shanghai Composite Index slumped 6.15 percent, or 245.51 points, to 3,748.16 on turnover of 722.5 billion yuan ($112.9 billion).
It (Other OTC: ITGL - news) was the biggest one-day drop since July 27, when it plunged 8.48 percent -- its sharpest fall in eight years.
The Shenzhen Composite Index, which tracks stocks on China's second exchange, ended down 6.58 percent, or 153.07 points, to 2,174.42 on turnover of 667.3 billion yuan.
(Excerpt) Read more at uk.news.yahoo.com ...
P!
Gonna be fun to read zero hedge today...
So government intervention is required to fix the ‘marketplace’? More poison will not cure the patient.
Evidently the Chinese govt injected a ton of cash yesterday, and the markets still got stopped out.
I guess Mrs. Wong is running for the doors.
We might get a repeat of the 2008-9 deflationary panic. This time might be worse and people might lose money they have in bonds, bank accounts, mutual funds.... Or be told they can take as much money from their bank accounts as they want to.
IOW your bank account has $10,0000 in it. You want $9,000 to buy a used truck. You are told you can only withdraw $5,000 but if you come back in 90 days you can withdraw the $4,000 you want. Whether this is actually allowed in 90 days is anyone’s guess.
The leadership there is likely searching for the Mother of All Distractions.
Keep on guard, Taiwan.
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