MercoPress. South Atlantic News Agency
Chinese shares fall sharply on Monday; IMF says it's a “necessary adjustment”
Chinese shares continued their sharp fall on Monday as concerns over the country's slowing growth and volatile markets sparked panic among traders. The mainland benchmark index, the Shanghai Composite, fell sharply by 8.4% to 3,211.75 points, extending last week's losses. Read full article
Comments
Disclaimer & comment rulesPoor Xi. He's trying his hardest to hold back the market forces and he's just getting sh@t on.
Aug 24th, 2015 - 10:55 am - Link - Report abuse 0Couldn't happen to a nicer ar$ehole. Also looks like Brazil and China backs the wrong horse. Should have hitched yourself to the western growth model.
Anyway, in local news, resource companies have dropped from 1/3 to 1/6 of the ASX value which is a start of Australia's reorientation. Thanks to our lower dollar a tourism boom is underway already.
http://www.businessinsider.com.au/australias-tourism-sector-looks-set-to-boom-as-the-dollar-busts-2015-8
http://www.businessinsider.com.au/australias-tourism-sector-looks-set-to-boom-as-the-dollar-busts-2015-8
I recently posted comments stating that both Argentina and especially Brazil could do much more to incentivise inbound tourism, which are both extremely low by international standards.
Australia:
6.87 million visitors spent US$32 billion or US$4,657 each on average.
Argentina:
5.93 million visitors spent US$4.6 billion or US$775 each on average.
However read some of the replies by Enrique, Brasileiro and Paul's replies on their disdain for tourism.
http://www.businessinsider.com.au/australias-tourism-sector-looks-set-to-boom-as-the-dollar-busts-2015-8
China is going to drag down many more developing countries than developed.
As I've been saying, they can't stimulate themselves out of this mess. They also broke the 3500 index barrier that they were hoping to keep to avoid final capitulation.
Aug 24th, 2015 - 01:17 pm - Link - Report abuse 0China has stolen 3 generations of wealth. It will take a long time for these families to save that much again.
I am not sure they're going to make it out of this
I think China will look much differently in the next decade.
Let's hope they can keep central control of their Military. If not all bets are off.
Canary in the coal mine for the emerging markets
Its going to get much worse very soon
Glad I'm in the USA.
Have any stock markets been immune today?
Aug 24th, 2015 - 05:10 pm - Link - Report abuse 03. As I thought $ is flowing into the US as one of the few safe places to be. There were a lot of fortunes made today.
Aug 24th, 2015 - 05:24 pm - Link - Report abuse 0China's debt will be its downfall. They don't have much ready cash and not many places to get any.
They thought they were developed and they're quickly figuring out they're not.
Anyway their turmoil is great for the USA.
We don't sell much to them so there's very little downside risk.
Germany may have some problems very soon tho.
When China start liquidating all the crappy companies they bought all over the world you know they've reached the end.
They've are the worst business people around.
They got screwed but just don't know it yet.
Didn't the DOW plunge 1000 points in the first 4 minutes of trading today? It has bounced back to 350 points down.
Aug 24th, 2015 - 05:31 pm - Link - Report abuse 0I think you are not correct that you will not be affected by the Chinese market. If it affects any country the US trades with it can have a knock-on effect.
That said, I don't think this is the moment of a global meltdown. If it happens, no country will be immune, though obviously some will be more affected than others.
This has been brewing for a long time.
It fell as people panicked but its back up. Less than 2% and the day isn't over yet.
Aug 24th, 2015 - 05:38 pm - Link - Report abuse 0There may be a slight adjustment as Intl companies adjust to a Asia only sales model but in the end China will go back to being a regional power trying to hold themselves together and the USA will secure its place as the worlds only super power.
Everything I've been saying is coming to pass.
@6 Not only you, YB, the crash of the Chinese economy has been talked about for a long time. Do you read The Economist? It is very informative.
Aug 24th, 2015 - 06:02 pm - Link - Report abuse 0I agree the Argentine posters here who have hitched their star to the Chinese wagon argued against you on here.
It is difficult to say exactly when and how any given house of cards will collapse, but you don’t have to be a structural engineer to know that the collapse is coming.” -- Kevin D. Williamson
Aug 24th, 2015 - 07:22 pm - Link - Report abuse 0Could be said about so many places
:)
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