This page has been archived and commenting is disabled.
China's Currency Continues To Tumble As AsiaPac Credit Markets Plunge, EM Stocks Lowest Since 2009
Following weakness in the middle-east and as WTI prices slide back into the red (on the heels of record speculative shorts in crude oil), Asia-Pac stocks are opening to the downside (but only modestly). On the bright side, the ZARpocalypse has been delayed briefly as the Rand is rallying on the back of Zuma hiring a new finance minister. On the dark side, offshore Yuan continues to plummet, down 6 of the last 7 days (down 14 handles!) and the Yuan fixed weaker for the 6th day in a ro wto July 2011 lows. and signaling more turmoil ahead of The Fed's decision. AsiaPac credit markets are gapping notably wider, EM stocks down 9th day in a row to 2009 lows, and EM FX is plunging.
AsiaPac credit markets are gapping wider... Worst day in over 2 months..
- *JAPAN ITRAXX INDEX CLIMBS 5.25BPS TO 79BPS
- *AUSTRALIA ITRAXX INDEX RISES 7.9BPS TO 135BPS
- *ASIA ITRAXX INDEX RISES 6.5BPS TO 149.5BPS
Offshore Yuan was extending recent weakness into the Fix...
Earlier we asked...
Will the PBOC set the CNY at another 4 year low today
— zerohedge (@zerohedge) December 13, 2015
And the answer is... yes
for the 6th day in a row - and in growing size - PBOC fixed the Yuan weaker to its weakest since July 2011
The Middle-East closed weak...
As Oil faded...
After Speculative crude shorts hit a new record high...
Japanese bond futures price just hit a record high...
And Nikkei plunged as China came to life...
The ZARpocalypse has been delayed a little, after South Africa's president Zuma reappointed Pravin Gordan as finance minister, replacing David van Rooyen who was appointed 5 days ago only to unleash a record collapse in the Rand. It remains to be seen if the market will stabilize after an initial kneejerk spike higher in the ZAR.
As Zuma hired a new "cooperative" finance minister.. which rallied the South African Rand briefly... but even that is fading fast now...
Other currencies are turmoiling...
- *RUPIAH FALLS 0.9% VS USD, SET FOR BIGGEST DROP SINCE OCT. 29
MSCI AsiaPac (MXAPEXA) is drifting lower...
- *INDIA'S NIFTY FUTURES DROP 0.8% IN SINGAPORE
- *FTSE CHINA A50 DECEMBER FUTURES DECLINE 1.7% IN SINGAPORE
- *TAIWAN'S TAIEX INDEX FALLS 0.7% to 8,058.67 AT OPEN
- *SINGAPORE'S STRAITS TIMES INDEX FALLS 0.5% TO 2,819.78 AT OPEN
- *S.KOREA KOSPI INDEX FALLS 1.5%; SAMSUNG ELECTRONICS DROPS 2%
And EM is getting hammered...
- *MSCI EMERGING MARKETS INDEX FALLS FOR 9TH DAY
- *MSCI EMERGING MARKETS INDEX HEADS FOR LOWEST CLOSE SINCE 2009
Metals are all lower...
- *COPPER OPENS 0.5% LOWER AT $4,680.00 A TON IN LONDON
- *NICKEL OPENS 0.2% LOWER AT $8,680.00 A TON IN LONDON
- *ZINC OPENS 0.2% LOWER AT $1,549.00 A TON IN LONDON
There is some good news... China's Warren Buffett is back from the dead...
- *FOSUN CHAIRMAN GUO SAID TO ATTEND INTERNAL CONFERENCE
- *FOSUN’S 6.875% 2020 BONDS JUMP 4.8 CENTS TO 96.8 CENTS ON DLR
But...
- *FOSUN INTL FALLS 13.5% AFTER CHAIRMAN GUO ASSISTED PROBE
And that is not helping Chinese stocks... at 2-week lows...
Charts: Bloomberg
For now US equity futures are flat.
»
- 57 reads
- Printer-friendly version
- Send to friend
- advertisements -
How do you say Oh No Mr. Yellen in Mandarin ??
bullish
Bearish
Vote or die
die
Looks like we will be buying more and more bearings from China.
Oh come on, what's the matter with you people. This has been up for half an hour, goptten 4 votes and not one single Ho Lee Fuk reference. The world is indeed in peril of ending.
Phuc Dat Bich
THIS in going to be ONE interesting week I'm afraid.
China is doing it just until Wednesday…..when the interests go up.
Talking about interest rates I think the Fed needs a new mouth piece to speak for them.
Jon Hilsenrath is sounding confusing.
… Jon Hilsenrath is sounding confused.
Well DUH, who the fuck is JH talkin' for?
Of course he sounds confused.
Thanks.
@ CHoward Gonna be fun all right. Mr Yellen on Wednesday and isn't this Friday options expiration day? Friday could be lots of FUN.
the elite - "everything's going according to plan muawaahhhh"
"It's almost a guarantee the Fed raises." - CNBC
Early November 2015. Does anyone listen to these fags anymore?
The ZAR charts are just teasers.
It's the bond charts, that I care about. Tee Hee
Tightening the screws on Saudi Arabia...
When the Dollar peg is abandoned they even won't bother to carry traders out in bags three will be so many bodies: the doors are gonna get closed by the last ones to limp out and the buildings will be wrapped in yellow tape.
Did ya get some of that VIX gravy on Friday?
That's what the fuck I'm talking about!
IF your junk is on fire I'm going to kick you in the balls repeatedly, because you fucking deserve it.
So many traders I know, are squirming in their boots.
I don't directly trade the VIX, or other XIV VXX deratives.
(5:1 Leverage) - Long USDZAR@ 15.2. Because some currencies swirl the drain faster than others. All SA has are metals no one wants right now and very little FX on hand to cover costs. We'll see if Zuma orders the SARB to print.
Reading many of the comments on Zero Hedge, I sometimes feel like our financial world is one big lie. A conspiracy against those who own gold and silver, if you will.
This conspiracy goes to the deepest levels of our government and society, with the evil banksters pulling the levers that control the world and my personal fate. But I am not fooled - frustrated mightily, but not fooled!
Sometimes I see cameras when I'm out and about in the public. They're in the Safeway store I shop at, mounted at stoplights and intersections, and even in the police car that wrongly stops me for speeding. Do you folks see these cameras too? They're tracking my every move, watching what magazines I read and what movies I watch. I feel like I'm living in a Truman-esque world where I'm the central character and everyone in the power structure is attempting to manipulate me.
But I am not fooled and I will persevere!
God Bless each of you who continue to fight the good fight against The Man who is keeping us down, the evil bankster who plots and schemes against us!
I imagine when we have lived through the coming cataclysm and everyone else is financially ruined, that we remaining gold-holding Zeroes will reign supreme in a paradise on Earth that we alone have created. We will each have access to 64 virgins and will live a life of splendor nonpareil!
God is Great!!!
When we finally defeat the bankers, it will be with some form of Humor.. you bought what, you signed what, they want us to do what and the whole world will laugh....
I say...I say I keep my feathers numbered for just such emergencies.
Um, with the current price of oil, everyone is only going to get 47 virgins. And they're all going to be 47 years old.
So live a healthy life and pray that they get a new shipment in before you kickus le bucketus.
Do I get to pick the 47 year olds? I'm in if I don't have to pick virgins.
Gillian Anderson of X-File lfame is 47.
Hell, I'll gladly go to 50 year olds: Diana lane, Elizabeth Hurley, Connie Nielsen, Jessica Parker, Brooke Shields (" Want to know what comes between me and my Calvins?")
And Uma Thurman is 42. I rest my case.
Who would want to mess with 20 year old kids when there are so very many delectable over 40s in the world?
Someone's outside my window peering in at me this very moment!
I think the government's coming for me! As a member of financial cognoscenti, they know I know too much!
If you find a dead chicken on your doorstep in the morning, I'd be worried.
I'd be elated, Santa has come early, chicken dinner for xmas!
It's just me dude, I know you don't know anything. I prefer the boxer briefs to those other things you wear.
Zionism appreciates your service but we do have to keep tabs on people from time to time.
They waited too long to catch up to the USD being overvalued by the Fed and the Treasury. They let it take them with it.
waiting for the "worst since lehman" yuan fix headline.
For many boxing fans, the Hagler-Hearns fight was the greatest, most intense event ever.
Might it prove to be a metaphor for this week's market activity?
And the Warriors went double Overtime with the Celtics Friday - fabulous basketball game fought to the last.
All China’s competitors have been devaluating their currency for last five years. China must devaluate vs. dollar at least 30% to return to export situation from 2010. The whole shit is about internal consumption and is exactly that: shit.
Facing uncertainty and instability of markets, jobs and overall policies of the Chinese government including cracking down on corruption among former power Mafiosi causing Chinese people to save, save, save while commodity prices are falling, since their spending depends on income only, not prices, something that SSE maniacs do not understand.
So they will be no consumer economy in China anytime soon, not at least as long as they do not shopo-zobiefy them as it happened in the US. That's why global commodities are crashing, and all commodity producers sink since China tightening its belt for next few decades at least until 2+2 generation will be born and raised.
More truth on China and the US economy can be found here:
https://contrarianopinion.wordpress.com/economy-update/
All China can do is print, prop, and dump product.
They haven't the internal demand to float their own economy by buying their own production at anything approaching these levels of output.
Let's not even talk about their debt dynamics.
When the tariffs get laid on their subsized dumped shit and they can't get rid of any more they are going to seize up and go medieval on themselves.
What do they know and when did they know it!! ( Fuckers!!! )
I'm tellin' ya....somethings coming down the pipe if they do indeed raise rates...
UGLY >
Metals are all lower...
Yup. Even with the cheap fix.
Good thing they re-re-re-hypothecated all that copper and ore at last year's prices..
I think it's probably about time for some more port/warehouse fires.
Funny how all that metal can just go up in smoke and nothing left behind but insurance claims..
We blow-up ware houses and shit. lol
We be fuked>Jiangxi, Shandong, and Zhejiang,
Two years ago some insiders here in China told me the goal is 5:1 RMB:USD. It's all proceeding according to plan.
China working with Yellen?
Kuroda & Co. using up the last "tidbits" of QE on the Nikkei.?
I wouldn't be surprised if there isn't some "back~filling" in the equity markets during New York.
ES is [3] standard deviations off of VWAP on the H-4 chart.
Remember the Alamo?
LIttle Big Horn?
Ok. Um, how about the Massacre At Hardhome on Game Of Thrones?
-Ok, you know that one. Cool.
OPEX is gonna look like that.
Oh don't worry. China WILL devaluate even more. That? I can be 1000% sure. 7.5 yuans/$ seems very nice.
I just bought chinese with 4 Amp's of battery. I used it for 1.5 days and it juices just down to 50%. Amazing!
Just bought several items also from china warehouse. Paid in my currency. From my local online retailers. And free shippings to my door. Fortunately, my country has bilateral swaps with China. And no TPP for my country. What could be better than that??
- - -
And crude, whether you want to short or not? Doesn't matter. SA gives discount to EU delivery? 2 weeks ago? I saw news Russia follows SA bluff, and lowers theirs also. Why? Rubel also lower on FX (which i also suspect R-CB had a hands on that, to give breathing t it exporting companies).
The one that can't lowers its currency? US. With 65% imported goods? It would be suicidal's to lower your currency. You do hears that US trades deficit hits record's high, right? That's happens with current US FX rates. Wanna bet how high it gets if US govt lowers US FX value??
That's should already gives you hints, what yellen would do this december..
Dream on bitchez
Draghi's coming to ice the rally cake
Bend over and spread them