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China Frantically Shuts Down Stock Market to Prevent Coronavirus Selloff
CCN ^ | 01/28/20 | William Ebb

Posted on 01/29/2020 6:53:52 AM PST by Enlightened1

Chinese authorities have decided to suspend trading on the nation's two major stock exchanges. This comes after fears of a coronavirus crash.

 

Chinese authorities have announced that stock markets in Shanghai and Shenzhen will remain closed until next Monday as fears over coronavirus continue to swirl. But it may not be enough to stop a selloff once markets reopen next week.| Image: shutterstock.com

China’s financial markets will remain shuttered until Feb. 3 due to coronavirus fears, according to separate announcements from the Shanghai and Shenzhen exchanges.

The move comes as the Wuhan coronavirus outbreak grows in size and severity with many fearing it may lead to a global recession.

The Chinese government may be trying to delay panic selling until it can get the massive outbreak under control. But this strategy is unlikely to work because of the sheer impact the virus is already having on the nation’s economy. Investors can expect to see a large correction in the Chinese indices when (and if) trading resumes next Monday.

The impact of this crisis is sure to bleed into American markets and may trigger a stock market correction.

 

 

(Excerpt) Read more at ccn.com ...


TOPICS: Business/Economy; Extended News; Foreign Affairs; News/Current Events; Politics/Elections
KEYWORDS: asia; china; chinastockmarket; coronavirus; economy; february; kag; maga; shutdown; stockmarket; trade; trump; virus
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1 posted on 01/29/2020 6:53:52 AM PST by Enlightened1
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To: Enlightened1

Lllleeeetttssssss get ready to RUMBLE!!


2 posted on 01/29/2020 6:57:03 AM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Enlightened1

China shuts down market because of coronavirus.
China invents the neck tourniquet.


3 posted on 01/29/2020 6:59:22 AM PST by Buttons12
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To: Enlightened1

Note this is yesterday’s news so already priced into the US market.

“Is The United States Next? ...
Companies with significant exposure to China have already posted significant declines with Apple (NASDAQ:AAPL) and American Airlines (NASDAQ:AAL) down 3% and 8%, respectively.”

And today AAPL is up 5% on strong earnings.


4 posted on 01/29/2020 7:01:37 AM PST by edwinland
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To: Enlightened1

Does anyone know today’s numbers?

It seemed to be doubling every 2 or 3 days

It was 6,000 yesterday

If it hits 10,000 today or tomorrow then they still don’t have a handle on it.


5 posted on 01/29/2020 7:03:38 AM PST by Mr. K (No consequence of repealing obamacare is worse than obamacare itself.)
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To: edwinland

On the bright side, NetFlix, Amazon Prime, and Hulu will go up as everyone decides to stay home for a month.

(Or is told to do so.)


6 posted on 01/29/2020 7:04:41 AM PST by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: Enlightened1

Its like a reactor meltdown. Economic collapse in China would be the end of an era.

The Communist Party is dreading the future.


7 posted on 01/29/2020 7:09:56 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Enlightened1

Basically, people are going to sell where they can. That’s why stock markets that are still open suddenly went into reverse.


8 posted on 01/29/2020 7:11:19 AM PST by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
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To: Enlightened1

Will China continue to be a united country?

Not for much longer.


9 posted on 01/29/2020 7:11:37 AM PST by MattMusson (Sometimes the wind blows too much)
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To: MattMusson

If the Communist Mandate from Heaven ends, what follows? No one knows.


10 posted on 01/29/2020 7:14:30 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Enlightened1

This is Xi Jinping’s incompetence at work again. China’s misfortune is to be ruled by moronic and incompetent megalomaniacs.


11 posted on 01/29/2020 7:15:57 AM PST by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
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To: Zhang Fei

A dictatorship is supposed to be efficient and responsive and it can’t even handle a pandemic.

The irony of what the Chinese government is up against isn’t lost on Chinese.


12 posted on 01/29/2020 7:18:30 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Mr. K

The numbers are doubling every 2.5 days.


13 posted on 01/29/2020 7:19:34 AM PST by DownInFlames (Galsd)
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To: Enlightened1

Possibly, those companies that were waiting to move out probably will start cutting losses much sooner, this could be a burst in the dam that China has been using to prop up its economy.

Or not, depends on how vicious the Coronovirus is.


14 posted on 01/29/2020 7:21:15 AM PST by Bayard
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To: DownInFlames

Too little too late. China’s obsession with secrecy and information control has come at a huge cost.


15 posted on 01/29/2020 7:21:28 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Mr. K

https://bnonews.com/index.php/2020/01/the-latest-coronavirus-cases/


16 posted on 01/29/2020 7:21:51 AM PST by RushIsMyTeddyBear ("Progressives" (elitist communists) "Love you to death".)
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To: goldstategop

I suspect the map of China in 2 years will look like the map of USSR in 1989 vs. 1992.


17 posted on 01/29/2020 7:22:25 AM PST by Black Agnes
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To: Enlightened1; neverdem; ProtectOurFreedom; Mother Abigail; EBH; vetvetdoug; Smokin' Joe; ...

Economic implications, not a formal Bring Out Your Dead ping...


18 posted on 01/29/2020 7:24:06 AM PST by null and void (The government wants to disarm us after 243 yrs 'cuz they plan to do things we would shoot them for!)
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To: Bayard

The stock market being shut down shows the effect is catastrophic.

Wuhan is like the Chicago of China. Its a major arterial transportation and economic hub.

They can work around it but its not going to be easy to supplant it.


19 posted on 01/29/2020 7:24:33 AM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Enlightened1

Why would shutting down the market help?


20 posted on 01/29/2020 7:28:20 AM PST by yldstrk (Bingo! We have a winner!)
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