Monday, September 20, 2021

Global Markets Rocked By China's Debt And Liquidity Crisis

 

Daily Mail: Dow Jones closes down more than 600 points as Chinese real estate giant Evergrande teeters on the brink of collapse with debts of more than $300 BILLION and firm threatens top execs with 'severe punishment' 

* Stocks are opening broadly lower on Wall Street following declines overseas and extending a weak patch that has brought the U.S. market down 

* The Dow Jones Industrial Average fell more than 700 points

* The S&P 500 was down 1.3% in the early going. The benchmark index hasn't had a decline of more than 1% since mid-August 

* Global stock markets are falling sharply Monday, with the Hong Kong exchange having its biggest loss since July and some markets in Europe seeing their steepest declines in nearly a year 

* Hong Kong's main index dropped 3.3%, its biggest loss since July, over worries about ripple effects from the severe troubles of the debt-laden Chinese real estate company Evergrande 

Wall Street plunged on Monday, with the Dow Jones closing down more than 600 points as as Chinese real estate giant Evergrande teetered on the brink of collapse with debts of more than $300 billion, prompting a broad sell-off and sending investors fleeing equities for safety. 

The Dow Jones Industrial average lost 614.41 points, or 1.8%, for its biggest one day drop since July 19. 

The 30-stock average was down 971 points at its low for the day. 

The Nasdaq fell to its lowest level in about a month, and Microsoft Corp, Alphabet Inc, Amazon.com Inc , Apple Inc, Facebook Inc and Tesla Inc were among the biggest drags on the index as well as the S&P 500.  

Read more ....  

Update: Stocks tumble as Wall Street's fears turn to China -- CNN  

WNU Editor: The next few weeks are going to tell us where all of this is heading.

2 comments:

Jac said...

May be Xi is happy to torpedo the West economy as he did with the COVID-19.

Anonymous said...

"The next few weeks are going to tell us where all of this is heading."

Uldis Sprogis or someone at One of the sites I visit opined that the English language was too imprecise. This is true of many languages. They are so many words that mean the same thing, The common vernacular is imprecise unlike the precise vocabulary of various disciplines, which define terms.

What doe a few mean? I take it to mean 2 or 3. It could really be anything short of several, which definition is itself imprecise.

Using the word few in this case is fair. We do not know what a committee of the CCP will do. They may decided to control fiscal events as well as they may step wise. They may initiate an action wait to see if it is enough and then double down or try something else. Very Captain Obvious.

So the we have to wait and see is very truthful. I am with Inigo Montoya on this one. I hate waiting.

So the spouse finally noticed their stock going down,. So they wanted to look up the stock market, which we did, They noted it was down 800 points. I was like no shit and this is why. You (the spouse) and especially you should have know this since the beginning of the weekend.

Spouse is very smart BTW. They have two degrees in English plus another one.