Here We Go Again: Chinese Stocks Plunge, Give Up Early Gains Despite Yuan Fix Unchanged
Update: *SHANGHAI COMPOSITE INDEX FALLS 2.04%(AFTER BEING UP 3.2%)
And CSI Futures are tumbling...
Not a pretty week...
Shifting notavkly from the opening color that we detailed earlier..
With all eyes on Chinese FX and equity markets, following the worst start to a year for US (and Chinese) stocks in history, PBOC decided (after 7 straight days of devaluation and 7% devaluation since August) to halt the run and increase Yuan fix by a paltry 0.01% to 6.5636 (notably below yesterday's 6.5939 CNY close). Offshore Yuan is strengthening and US equity markets are jumping. Chinese equity markets (now theoretically unhampered by their circuit-breaker panic switch) are far less impressed.
PBOC fixes the Yuan a tiny bit stronger...
Offshore Yuan roller-coastered through the US session as Reuters headlines sparked selling pressure after some Treasury-selling/Yuan-tervention...but is rallying on the not bad news...
Onshore-Offshore spread has tumbled to 900pips from over 1500...
Asian stocks are set for their worst week since 2011 with some notable names in big trouble:
- *NOBLE GROUP TUMBLES 10%, EXTENDING LOSS, AFTER S&P DOWNGRADE
While China ETFs trading in US markets signal notable weakness to come for an-"limited" Chinese stock market...
Chinese stocks look set for a positive open:
- *CHINA SHANGHAI COMPOSITE SET TO OPEN UP 2.2% TO 3,194.63
- *CHINA'S CSI 300 INDEX SET TO OPEN UP 2.4% TO 3,371.87
- *FTSE CHINA A50 INDEX RISES 2.17%
And Dow Futures love it... for now...
Some context:
So no news is good news for now...
Charts: Bloomberg
(9 votes)
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Soooo easy, a Gartman can do it...
And the shorts are burned ...
(and soon the cities too)
You knew it would not continue to crash. The marxist must wait until after their Leader is out of office
Every time I wonder "should I have bought that silver?", the PPT and FED never disappoints ...
(hyper inflation here we come)
(silver/gold - carbonite for your wages)
(don't be an idiot)
Squeeeeezin time....
Hitlery, I'm gonna beat you to it.
Tomorrow +400.
+400
+800 by next wed. close
I often take exception your posts (not that would make you give a shit, nor should it!), but on this one I think you are spot on. Call it a dead cat bounce or a bear market rally, but I think the bears are about to get there asses handed to them next week. Beyond that... I'd still be a bear.
Please, for you sake and sanity, don't take my predictions or posts too seriously.
aaaaaaaand, it's gone.
lol yea i'll count being on the sidelines as a win. Good luck out there.
And.... in Fridays news 5 million fine service industry jobs were pulled out of hat.
Better not, I upgraded from popcorn to pistachios for this.
Good call Ms No, I love pistachios ...
Looks like its going to be a big bounce back up day.....got to keep the sheeple happy...all is good in America...
Chicom market already headed south.... Wow, already down 2%, this shit is getting ugly fast
I'm showing it up 1.6%. I don't get your numbers.
up 1.44 now...those bastards better print more
Investing.com is a great site, but has a lag on Chineese market data, I believe 15 min on average. I was looking at the live real time data on Bloomburg TV.
As much as I detest CNN, I've found they have a pretty good read on the global market map. Here's the link if you're interested:
http://money.cnn.com/data/world_markets/asia/
It cracks me up when I get downvoted for providing data. Not opinion (which should be subject to voting), but data. This site gets weirder all the time!
Bah! You and your facts. Have you learned nothing over the last 7 years? Never let facts or reality get in the way of a good story.
Mr. NoDebt,
I've read and enjoyed your comments for a long time. Love the nail gun!
BOOM! Down goes Frazier!!! Down goes Frazier!!!
Shanghai getting moneky hammered in reverse
Up and down like a whores drawers except faster
Gotta love the X22 Report as well as ZH! https://www.youtube.com/watch?v=yftzlqHTG6Y
Funny that TPTB are trying desperately to blame the Chinese. Let's not forget that the retail numbers this week from the Christmas season were abysmal - Macy's, BBY and Gap just today. And that the hedge fund hotel of Aaple is down over 20%, dragging all of its suppliers with it. And every oil company in the world is in trouble. Lot's more going on than China
u obiviously didnt get the memo...
the U.S. is "exceptional...."
I don't know where Bloomturd TV got this Chineese Tranny Crack Ho, but I've had enough of her ass.
ahahahahahahaha!!!!!!!!!! What a godamn joke! Let the manipulation begin. Enough carnage, time for the Dow to make new highs.
You should see Crude. No words, man.
When crude hits $20 a barrel, I'll start stacking the barrels in my backyard.
I'm loading up the whole way down. PM long, oil related intermediate.
Mr. Yellen must have pulled out the Credit Card (Bank of Great-Great-Great-Great Grandchildren's Debt Load) cause its going back up!
One word, Desperation
Yep, looks like a bit of turbulence tonight, started earlier than I thought. I figured at least the first hour of trading would be a smooth ride to the upside...
Looks like a plane with one bad engine stalling all the way to the dirt.
Too bad they didn't watch Bugs Bunny growing up they'd know they can just step out of the plane right before it crashes.
Lol, the Nikkei is sucking the A50`s dick!
Somebody has to be Wile E in the drama.
Wave bye-bye.
Hmm, maybe no circuit breakers means: Chicom QE in effect now motherfuckers!
U.S. stock futures are up along with the CSI 300. Zzzzzz.
Where's the London GMT+2 Potato Heads?
Jesus Mary and Joe!
Yen.....this is fun!
Making bank in seconds here...dj30 is like a pinball....
I just made a suggestion, and got junked for it.
Understandably, people are reluctant.
Thanks for the kind comment. I'm going to beat the shit out of my retarded neighbor from Kanukistan.
He thinks he's living on the Yukon Trail...
Yen, you crack me so consistently up!
Is that an complement?
Tell everyone at the NSA, I said hello...
This is going to cost the People's Thieves Den of China a shitload of FX.
dam that was quick
Copper is going up and they are hammering gold... so damn stupid. I suppose they may need a little copper to wire the new Hoovervilles for the 50 million refugees that are probably on the way.