Equity Markets

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Presenting The Annotated Chinese Equity Bubble Timeline





As the ashes of the China's scorched equity markets lay smoldering at the feet of the plunge protection national team which finally gave up on rescuing the market after CNY900 billion proved inadequate to arrest the slide, and on the heels of the PBoC’s latest effort to staunch the bleeding by resorting to yet more policy rate cuts, we bring you the full, annotated SHCOMP market and policy timeline courtesy of Bloomberg.

 
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What If The "Crash" Is As Rigged As Everything Else?





Take your pick - here's three good reasons to engineer a "crash" that benefits the few at the expense of the many.

 
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Here We Go Again: US Equities Surge Even As Chinese Stock Market Rollercoaster Tumbles To 8 Month Low





It seemed like finally China's relentless and increasingly futile attempts to have a green stock close would work: interest rate cuts, liquidity injections, direct stock interventions, even threats on the Prime Minister's head, and just to make certain moments before the close news very deliberately broke that government funds are buying large financial stocks, especially state-owned banks, to support the index, in the latest clear signs of government support, the Shanghai Composite seemed on pace to end an unprecedented series of consecutive tumbles which have dragged the composite down nearly 1000 points, or 25% in one week, and then... red close, with the SHCOMP down 1.3% to 2927, and a stunned China watching in horror as the central bank and government lose control, and everything they throws at the biggest market bubble of 2015 does absolutely nothing.

 
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"It's Still September" Ignore Fed Rate-Hike Warnings At Your Own Peril





Hold onto your bootstraps. Markets are setting themselves up for a surprise as the Fed is still likely to hike rates in September.  Today’s ‘risk-on’ move is a function of those expecting delay.  Rising levels of market volatility are here to stay and will be magnified by this ‘surprise’. Those ignoring the warnings of a rate hike by Fed officials do so at their own peril.

 
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Everyone Has A Plan Until...





Every Federal Reserve Chair since 1979 has faced a notable challenge in the first 12-20 months of their tenure – something akin to capital markets “Bullies” hazing the new kid at school. Paul Volcker had the 1979-1980 Iranian oil shock/recession, Alan Greenspan the 1987 Stock Market Crash, and Ben Bernanke the 2007 Financial Crisis. Their responses shaped market perceptions about Federal Reserve priorities and set the stage for the remainder of their tenures, from Inflation-Fighting Volcker to Save-the-World Bernanke. Now, it is Chair Yellen’s turn...

 
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Half Of Emerging Market Stocks Are Now In Bear Territory: The Map





With EM in turmoil from Brazil to Malaysia, Bloomberg has mapped the carnage, showing just how many EM equity markets are in or closing in on bear market territory.

 
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US Equity Markets Give Up China Rate Cut Gains





Stocks remain green but the pre-open surge on the back of a China rate cut has been erased as USDJPY rolls over...

 
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Marc Faber: The Global Economy Is Entering An Epic Slump





"I do not believe that the global economy is healing. I believe that the global economy is heading into a slump once again... It's not a pretty picture. All those people who say they will buy... I wonder if they still have money?"

 
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It Begins: Barclays Pushes Back Rate Hike Forecast Until 2016, Admits Fed Is "Market Dependent"





Translation: the Fed is not data dependent, but it is, as we have said all along, entirely market dependent.

 
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Here's The Problem: Despite The Plunge, Company Valuations Are Still At Extremes





Following the recent broad market selloff which has taken all US stock indices into the red for 2015 and in some cases, red for the past 52 weeks, the real question traders should be asking themselves now that the power and potentcy of central bank intervention is increasingly questioned is whether stocks are now fundamentally cheap or at least, "fairly" valued. The answer, as SocGen's Andy Lapthorne points out, is a resounding no.

 
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Summarizing The "Black Monday" Carnage So Far





We warned on Friday, after last week's China rout, that the market is getting ahead of itself with its expectation of a RRR-cut by China as large as 100 bps. "The risk is that there isn't one." We were spot on, because not only was there no RRR cut, but Chinese stocks plunged, with the composite tumbling as much a 9% at one point, the most since 1996 when it dropped 9.4% in a single session. The session, as profile overnight was brutal, with about 2000 stocks trading by the -10% limit down, and other markets not doing any better: CSI 300 -8.8%, ChiNext -8.1%, Shenzhen Composite -7.7%. This was the biggest Chinese rout since 2007.

 
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HFTs Get Blamed For China's Market Crash





 
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No Bullard Bailout Today: Unscheduled Fed President Comments Leave BTFDers Bent Over





BULLARD SAYS FED DOESN'T REACT DIRECTLY TO EQUITY MARKETS

 
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Russell Napier Lays Out The Trigger For The Next Emerging Market Crisis





"I have learnt from history that it is very hard working out what the trigger is. In 2008, it was the collapse of Lehman Brothers that triggered a credit crunch. Now it could be a major event in Turkey or a default of the Brazilian oil company Petrobras or some event in Malaysia. But if I have to pick one I would say it is Turkey introducing capital controls. Such controls will mean that Turkey will not pay back principals amounting to 400 Bio. $ and the interests on it." - Russell Napier

 
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Was The Most Important Line In The Equity Market Just Broken?





Perhaps the most important price point in the entire equity market was broken today... The odds of the post-2009 bull market continuing unimpeded are now significantly reduced.

 
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