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Chinese Stocks Drop To Lowest Since Jan 2009; Down 20% From Feb Highs

Submitted by Tyler Durden on 06/24/2013 21:48 -0400

With US equities 7.5% off their all-time highs and on the verge of instigating a 'Markets In Turmoil' special, we thought it perhaps of note that the growth engine of the world continues to see real turmoil. Short-term funding rates remain elevated (7-day repo jumping 240bps to 10% today) as the 'engineered' credit crunch continues for China. The Shanghai Composite opened down today, crossing the 20% drop level from the recent Feb highs (and -16.5% in the last 16 days!) pushing the index to its lowest level since January 2009.

Charts: Bloomberg

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Mon, 06/24/2013 - 21:53 | 3689551 Jayda1850

That chart should be labeled, the ever-dminishing returns of QE.

Mon, 06/24/2013 - 21:59 | 3689577 zorba THE GREEK

The only thing dumber than investing in Chinese stocks is investing in U.S. stocks.

Mon, 06/24/2013 - 22:21 | 3689626 sunaJ

FFS, somebody build them a Kevin Henry!

Mon, 06/24/2013 - 22:29 | 3689665 markmotive

I smell danger. Or is that bok choy?

I smell danger and bok choy.

Shoulda listened to Marc Faber

Marc Faber: 'Something Will Break Very Bad'

http://www.planbeconomics.com/2013/05/marc-faber-something-will-break-ve...

Mon, 06/24/2013 - 22:41 | 3689694 DoChenRollingBearing

+++++

China will not be making very many non-Chinese rich, no way...

Buy gold and sleep well at night.

EDIT:

Buying bearings would be a close second. :)

Mon, 06/24/2013 - 23:02 | 3689753 ApollyonDestroy

the Chinese troops are coming for your, their gold, miles to go before we sleep

Mon, 06/24/2013 - 21:55 | 3689559 scatterbrains

That chart looks like aluminum/ copper / pm miners etc. Aluminum fell below the 2008 deflationary collapse lows today as though 5 years of printing shitty paper did diddly squat unless your a Reit, Bank, Insurer etc.

Mon, 06/24/2013 - 21:57 | 3689566 LetThemEatRand

Just so long as they don't put any Foxcon "worker survival nets" around the skyscrapers on Wall Street. Jump fuckers!

Mon, 06/24/2013 - 23:45 | 3689839 HungryPorkChop

Gotta watch this tube video!!!!! Jump You F*ckers! (A Song For Wall Street)

https://www.youtube.com/watch?v=yge311sFhC8

Mon, 06/24/2013 - 21:57 | 3689569 Aknownymouse

No biggie. China is engineering its own tightening. Which gives Benny more rope to hang us all with. BTFD.

Mon, 06/24/2013 - 22:00 | 3689574 buzzsaw99

That's right. It's manipulated up then manipulated down. There is no market but what they make believe there is. They control the vertical, they control the horizontal. It is the same here in freedumb's land.

Mon, 06/24/2013 - 22:01 | 3689579 Yen Cross

The Hang Seng is pumping mud to. The Asian markets are up a little today after that enema they got yesterday.

Mon, 06/24/2013 - 22:03 | 3689584 SillySalesmanQu...

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Mon, 06/24/2013 - 22:05 | 3689604 cloudybrain

wait for the bottom and big opportunity to jump in

Mon, 06/24/2013 - 23:19 | 3689801 Go Tribe

It's bottomless.

Mon, 06/24/2013 - 22:06 | 3689609 rekfhardy

There is a lot more to it than "engineered"crunch, etc..Potentially the mother of all USD carry trade unwinds is underway, and the next 3 weeks will be most interesting. Walk through this "Up Shibor Creek" series on FT Alphaville, puts it all in crystal clear perspective. http://tinyurl.com/p3uyao3

Mon, 06/24/2013 - 22:09 | 3689613 Yen Cross

Take a look at the Aussie 10year bond. Can you say outflows? (click on 1D)

Mon, 06/24/2013 - 22:19 | 3689640 ebworthen

Death Star! Death Star now!

First to build a Death Star gets to vaporize a continent and take over the world!

Mon, 06/24/2013 - 22:36 | 3689685 thismarketisrigged

i have a feeling the criminals who control these markets will pump the market up triple digits tomorrow to make it seem like things are stabalizing.

at days end, after the markets rally triple digits, they will call mr blankfein and tell him to short the market for wed.

these men are all criminals and it sickens me.

we all know china is beyond screwed, there banks are about to collapse, they have a massive real estate bubble, just everything about china is fradulent, and same with the u.s, yet just when it looks like we may have our 2nd 350 plus down day in 3 trading days, we get 2 fucks from the fed who pump the market way off their lows.

its amazing the timing of the announcement also. the fed announced there plans last wed, so rather than these jackasses saying what they really thought bernanke meant, say after hours or the day of, they come out when the market is in a free fall and say things.

it pisses me off knowing that when i go to sleep tonight, these men will not be behind bars where they belong.

Mon, 06/24/2013 - 23:36 | 3689829 starman

But here in the US will just blame everything on Greece the EU China the Romans the Trojans the Arab revolt Putin, Taliban Hussein Shia muslims Mexican illegals the nile virus bird flue african crazy bees blah blah blah .

WE ARE FUCKED EITHER WAY!

Mon, 06/24/2013 - 23:47 | 3689849 thismarketisrigged

china is down big again.

im trying to find out what exactly happened.

it seemed that the asian markets were stabalizing for the night at least, with japan being up over 1 percent, and the hang seng as well, and then all the sudden, japan is down over 1 percent, mainland china is down nearly 4 percent, the hang seng is down 1 and a half, and u.s futures went from modest gains to now modestly in the red.

i can not be happier and i love the panic, but anyone know the reason for the sudden turnaround in asia overnigt and u.s futures?

Mon, 06/24/2013 - 23:55 | 3689868 johngaltfla