China Contagion Spills Over To Hong Kong Banks As HIBOR Explodes To Record High, Stocks Tumble
Chinese stocks are trading at the lows of the day after Overnight HIBOR rates (Hong Kong's interbank borrowing rate) exploded a stunning 939bps to a record high 13.4%. It is clear that banks are utterly desperate for liquidity and/or are extremely concerned about one another's counterparty risk. This has dragged HSCEI down 5% (to its lowest since Oct 2011).
Something just snapped...
Evidently the pressure between On- and Off-shore Yuan was too much for banks to bear...
Smashing Hang Seng China Enterprise Index down 5% to its lowest since October 2011
But US equities are being bid by an invisible hand once China closed for lunch...
Chinese Default/Devaluation risk just jumpe dback above 120bps (highest since August collapse)
As we explained earlier, as Asian markets opened (ahead of the Yuan fix), they were in turmoil with FX markets crashing (JPY rallying as carry trades unwound), equity markets tumbling (Dow, Nikkei, and China A50), commodity carnage (crude and copper carnage) as Gold and bonds were bid. With offshore Yuan sliding ahead of the fix (and Onshore Yuan 3 handles cheap to Friday's fix), CFETS RMB Index dropping below 100 for the first time, and following Friday's 'token' stability, The PBOC decided to hold Yuan Fix practically unchanged for the second day. USDJPY and equity markets jumped on the news, then quickly faded.
We have seen this "stability" before...
Asian stocks collapse to lowest since October 2011...
Chinese media is pushing rumors of rate cuts and urging people that they do not need USD (despite the lines we noted earlier) demanding theyhave more patience... (via People's Daily)
More patience is needed for the Chinese economy which is in a transition period, as it transfers from old to new economic growth drivers while also facing a backdrop of a slowing global economy, the People's Daily reports citing academics. It would be too opinionated to judge that the Chinese economy would suffer a hard landing based on short-term fluctuations as many factors have had an impact on the yuan's recent depreciation and the stock market's falls.
"The fundamentals of many economic crises is the psychological panic problem, and we need to take good care of the market and foster new drivers; conclusions on the Chinese economy can't be made in a rush based on the short-term or partial changes," said Zhang Tiegang, professor at the Central University of Finance and Economics.
Yeah - all psychological.
Offshore Yuan was tumbling before the Fix...
As were Chinese stocks:
- *FTSE CHINA A50 JANUARY FUTURES SLIDE 3%
Of course, The Keynesian have a solution for all this...
- *STIGLITZ: RECENT CHINA MARKET VOLATILITY ISN'T CATACLYSMIC
- *STIGLITZ: CHINA NEEDS DEMAND BOOST TO AVOID DEEPER DOWNTURN
It's that simple eh?!
The reaction to PBOC "stability" is not good:
- *MSCI ASIA PACIFIC EX-JAPAN INDEX DROPS 1.7%, EXTENDING LOSS
- *CHINA SHANGHAI COMPOSITE SET TO OPEN DOWN 1.7% TO 3,131.85
And Dow futures jumped 80 point and then dumped 100...
Chinese stocks are tumbling...
And ChiNext is now down over 21% YTD...
* * *
As we detailed earlier, markets were turmoiling into the China Fix...
China ripples may be turning into tsunamis. As FX markets creep open, something serious must have snapped. The South African Rand just crashed 10% - the biggest single-day drop since Lehman - to new record lows. At the same time, carry trades are being unwound en masse, smashing USDJPY down to 116.75 (strongest Yen in a year). Somebody do something!!!
The South African Rand crashed 10% to a record low against the USD of 17.9169. This 10% collapse is the largest on record outside of the immediate post-Lehman move...
Don't forget - As goes the South African Rand, so goes The World?
Korean Won plunges to its lowest since July 2010...
And Yen is surging...
Smashing Nikkei futures down over 500 points from Japan's close....
As USDJPY tumbles so US Equity markets are slumping...
And crude is carnaging...
Copper flash-crashed at the open and is now retesting...
It appears people were expecting some Chinese intervention over the weekend... and so far have been disappointed.
For now, Gold is bid as a safe haven...
Charts: Bloomberg
(43 votes)
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Holy shit is right, what an utter failure at humor.
Maybe so but that allegory about simultaneous explosive diarrhea and projectile vomiting that set you off kilter was hilarious.
Easily amused evidently, good for you...
You can upvote the person that typed it, it not only gives you the feeling of having recognized someone's brilliance but gives one a sense of enormous well-being. /s
Hey, are you into sodomy? If so, you're in the right place.
You need to get laid.
You need an imagination.
Fuckwits, BTChez.
Ladies dont find the blockchain as exciting as gold and silver.
I guess there's always internet porn for your pathetic ass.
Or maybe you can get a handjob with BTC.
Fucking loser.
Are you trying to insult me or just expressing your own inability to be funny in the clinch?
Sorry but yours is such a pathetic display of either that perhaps you can salvage your own desperate bullshit by making a distinction.
Yeah, internet porn, from some shitheel named Bunghole with an ass as an avatar on ZH. It's all coming together and making sense now...
Limp-dick, sodomite personified.
LMFAO at all of you summary fuckwits.
^^^^^ This is what happens before a market collapse. Crazy people are to market routs as dogs are to detecting earthquakes they know that something has shifted in the air.
Many ZH commenters have been batshit, drooling on themselves crazy for years. That's why they can't insult anyone unless it includes ass, sodomy or some other perversion. Even a bunch of stopped-clock-sodomy and ass fans could be right twice a day...
Yeah, well we should be enjoying an Asian collapse right now. Hong Kong is getting pretty good.
The person that I am reading here, who is fixated on sodomy, ass or perversion, is you.
Why is that?
Classic ZH fuckwit, 100% wrong and confused.
Strong showing Tall Tool, nice work.
Haole
There is no way you have over 5 years here at ZH,
Why is your name in grayscale???
“The liar's punishment is, not in the least that he is not believed, but that he cannot believe anyone else.”
? George Bernard Shaw, The Quintessence of Ibsenism
There is no way you have a functioning synapse in your entire fucking 1300cc brain cavity, throwback.
My right cerebral hemisphere is about 820cc, my left is about 460cc
Aloha nui loa
A hui hou
Fonestar.
Tall Tool, wrong again. Try not to make it a habit some day...
Fuckwits, BTChez
One of fonestars multiple personalities. The 'not shilling BTC like his life depended on it' personality.
I am so glad I wasn't drinking something when I read that
But in the scenario you described:
That's what public toilets are for
I designed my bathroom so one can sit in the toilet and puke in the sink at the same time. Had a 36 hour bug and let me tell you that was the best design choice I made in my entire life.
Does not one of you have a garbage can in your bathroom?
Swine flu had my wife in it's grip. Helped her in the bathroom by opening the shower door across from the shitter. Ran the shower, wiped her ass because she was absolutely drained.
In master bedroom bath, we have a garbage can, that was large enough to contain what was ejected while enconsed on the throne. It was a miserable week for both of us.
Never under-estimate the power of explosive diarrhia combined with projectile vomit.
We actually had to dig a new cess pool and clean our septic tank a week later.
Now that is love!
No, that's called compassion.
She's a hateful bitch!
(no, not really, I love her.)
But I've had to do the same for others. It's called compassion.
I just ate some left-over Christmas turkey. It was in the fridge so it should be OK.
Except that the "Big Bang" is some fantasy alleged "scientists" cooked up out of nowhere to try and explain our existance
Unless you can come up with some alternative explanation on the method that the Almighty used to create the Universe...The Big Bang Theory is rather decent and widely accepted.
Recessional velocity is is directly proportional to the ratio of a change in wavelength to the initial wavelength. This is called the Doppler Effect.
When considering light, the constant of proportionality in order to turn that proportionality statement into an equation is Light Speed, c.
1) v = c[(Lambdafinal - Lambdainitial)/Lambdainitial]
or
2) v = c[(Delta Lambda/Lambda)]
Edwin Hubble first determined that Spiral "Nebulae" were extragalactic by measuring the periods of Cepheid Variable Stars, He resolved Cepheid Variables in M31, the Great Andromeda Galaxy.
Using the Cepheid Variable Luminosity relationship,
3) M = -2.76 log(P) - 1.4
Substituting the measured and observed period, P, and concurrently substituting the measured apparent Magnitude, m, along with the calculated M from the Cepheid Variable Luminosity relationship into the Distance modulus (solved for distance).
4) D = 32.61 LY[ 10{0.2 (m - M) } ]
where,
M is the absolute magnitude
m is the measured apparent magnitude
P = Cepheid Variable Period (measured in days)
and,
D is the distance in measured in Lightyears (LY)
he demonstrated that the distance to the Great Nebula in Andromeda was roughly 1.5 Million Light Years distant.
Since we can determine the Distance to the Great Andromeda Galaxy, and we can measure the apparent magnitude, then we can come up with an expected Absolute Magnitude for that Galaxy.
Assuming that the Great Andromeda Galaxy is an average Spiral Galaxy we can then compare the brightness, the magnitude of other Galaxies to Andromeda's brightness and get a good idea of how distant they are.
But still this method was somewhat deficient.
So Edwin Hubble, thankfully not being easily satisfied with his accomplishment, which in and of itself was a remarkable feat, combined his measurements of relative brightness with the astrophysicists', Vesto Slipher and Milton Humason's studies of the associated redshifts of the Galaxies and to his surprise he discovered a relationship between the redshift of an image..and its distance.
Since Redshifts are just analogs of Velocity [from eq 2)] he came up with the following relationship
5) V = HoD
where Ho is the Hubble Constant,
and which is now known as Hubble's Law.
This is not some "dreamed up" idea. Furthermore the Astronomical Community's EMPIRICAL OBSERVATIONS have "validated" this...
Using an extrapolation of the Distance Velocity line it was determined that at some time roughly 12 to 20 Billion Years ago there was an event.
On top of that Einstein's General Theory of Relativity actually predicted this. Unfortunately for Einstein, it was his biggest blunder to introduce the Cosmological Constant in order to correct for this "anomaly" as he believed that the Universe was in a "Steady State".
Of course the confirmation of Hubble's Law had to wait until 1965 for confirmation when Penzias and Wilson, working for Bell Labs, observed the background radiation from the event, with astrophysicist Robert Dicke, at 3oK, on average, in 1964..
With this information do you have an alternative theory that will fit the empirical data?
Just to be clear on my position...
1) The Big Bang did happen. The Universe happened as a result of a creative event.
However...
2) The interpretation of the data is deficient. (Althugh Redshifting can be attributed to Doppler Effect of recession, there are other causes...as Gravitational Redshifting and loss of energy due to reflections. Both of these phenomena are not considered in the current theory.)
3) Personally I estimate that the Universe is about 30 to 40 Billion Years Old, using entropy as my yardstick. Understanding that 98% of Matter is Dark from my empirical evidence, I understand that it radiates far into the "Red", indiscernible from Background Radiation. This is what has been predicted for an aging Universe and the empirical evidence is suggestive of that. Dark Matter has been inferred from Galactic Cluster structure (if you can actually call it that).
4) Astrophysicists are human, are prone to error due to their psychology, and are prone to confuse images with objects, instead of differentiating the two distinct phenomena...just like the rest of the many.
All images are objects and not all objects necessarily project an image...e.g....Dark Matter
5) Large telescopes have proven out to be large kaleidoscopes.
IN CONCLUSION...
The difference between you and I is that I can use the mathematical tools to back up my assertions and give valid criticisms to the current accepted Big Bang Theory.
On the other hand...YOU PRESENTED NO ALTERNATIVE ASSERTION and NO MATH...which is the language of science.
And if you choose to take this argument into the metaphysical the Big Bang does not shake my knowledge of the Grand Architect whatsoever.
Actually it strengthens it.
Dream on and give generously to the Climate Change agenda. It's the science, after all.
Our "Science", as it relates to the universe, is ass.
Which reminds me, are you a fan of sodomy too?
Silly monkeys who give themselves too much credit.
Oh, and you'd think with tech like Hubble they'd be able to show a reasonably high def. shot of any Apollo landing sight but damn, too much light. /s
Yeah, we can believe it all. At least you can from all appearances.
Fuckwits, BTChez
Why would I give anything to the "Climate Change" people?
I do not buy into that.
But it does not change the fact that you cannot think.
And actually since you believe that I believe in appearances then it certainly appears that you did not read much of what I wrote, or actually lack reading comprehension. I am inclined to believe that latter as you also cannot think. Not only are you an INNUMERATE but you have demonstrated illiteracy.
Here is a line from that post. Let me repeat it for you.
All images are not objects and all objects do not project images.
Images deal with appearance. I do not necessarily give substance to appearance. However in most cases I will.
And as for your little ad hominem???
Why are you so crystalized on imagining others as sodomites? Are you transferring your own attitudes and beliefs on others that you do not know? You cannot incorporate that attribute of your own sordid personality thus you need project that upon others? Or are you desparatly hoping for, and seeking out a homosexual lover, on these pages?
You are just keeping up appearances, right?
LMAO..AT YOU....FAG. You have demonstrated it.
So why are you troilling here for negative feedback?
But it's the science Tool. You believe in the science, don't you? Think of the science!
So, a bunch of fuckwits on here pepper me with their brand of ZH echochamber humor which comprises little but references to sodomy and anal sex. I ridicule these fuckwits with their own fantasies of sodomy apparently and you pin the FAG card on me? You like talking about it, don't you Tall Tool?
See, that's what I'm getting at Tall Tool. You're entire perception of reality is so cocked-up you can't even attribute credit where credit is due. I'm the guy making fun of all people making the sodomy jokes Tall Tool. You're confusing me with all of these perverted, echochamber-addled, ass-obsessed dimwits. Unfortunate that you can't make that distinction Tall Tool but I understand it's a convenient ommission.
Just be secure in the fact that you and all of your sodomy and ass-loving, douchenozzle buddies on ZH can steep yourselves in your wound-up, latent homosexual tendancies and unimaginitive, boring insults happily ever after.
Science is a tool which I use to achieve an understanding of the Almighty's Physical Universe.
In my initial response to you, which took me about an hour to write, there were no ad hominems. (Writing those equations and formatting the presentation does take some investment of precious time, as it is not a cut and paste job.)
I pointed out, correctly, that you criticized a Theory without presenting an alternative. In fact if you had taken the time to read it then you would have read my criticisms and the reasons behind them.
You did not even bother to read it and started responding with your nonsense.
Now if you choose to reject a Theory, then, of course, you have that right.
But your ad hominem attacks yield no respect in my book.
And I can return them...with a good dose of vitriol. What do you expect?
Enjoy your life.
That was going too far, my apologies.
You got your ass kicked a lot in high school, didn't you?
You got some troll time in, got several people in a tizzy and passed an otherwise boring Sunday evening. Well played I guess.
Ya' know, some of you guys were just born with wrong stamped on your foreheads...
I think we're getting some in depth observations on Haole this evening.
The post's aren't mistyped and are coherent, so it isn't booze talking.
You seem like you're a decent sort, but you also seem to be projecting a lot back at your fellow Zero Hedgers.
so I guess you believe the earth has a core of molten nickel steel. the scientists said so.
What is your alternative theory, alternative model, alternative description?
Does the EMPIRICAL EVIDENCE support your alternative?
Can you QUANTIFY it?
Can you use it to make predictions, and experimentally verify it?
Is it a science or a baseless speculation?
I am all ears.
Hey there TT,
I haven't logged in a while but I could not resist this "conversation". Gravity based cosmology is limited in so many ways.
Start here: https://www.thunderbolts.info/wp/eu-guides/beginners-guide/
Any theory that comprises of 90 + % of material in the universe is "dark", as in undetectable, might need a little questioning. There are no black holes, no dark matter, no dark energy and the Doppler effect does not function as effectively as it has been purported.
Anyway, check out the site, it will get you started. Lots of great books to read in this area, written by engineers and physicists.
Plasma universe.
I'll take it one step further and say that 3D, gravity-based cosmology is limited in so many ways.
At this juncture Iet it be said that anyone on ZH proclaiming to actually know how the universe works, or how old it is (if it in fact actually "began" at some point), etc., etc., etc. is complete fucking insanity.
You don't talk too good.
My issue with 'Big Bang' is that it is obviously flawed in terms of explaining very important, otherwise observable/understood forces. Quantum theory leaves much to be desired vis-a-vis its observed interaction with gravity. Super-string theory strikes me as a superior, but no less mysterious, descriptor of our playground.
I dont believe God intended to leave this aspect of His work THAT much of a mystery (to the human perspective).
Oh and I am "insanity" and I do know how old the universe is and how it works.
Ladies and gentlemen, the future of ZH comments sections.
hahaha ... not a scooby dooby do fan then Haole?
You'll like this less.
http://phys.org/news/2016-01-cosmology-crisis.html
you might want to read your previous post and perhaps you'll get it. I know it's tough - this thing called literacy - but keep trying - you're onto something.
Naturally you assume I think I "know" something about the universe aside from some rudimentary theoretical physics, etc. just to look wise or something as the reasoning for your cryptic BS?
You just failed like a sad cunt at pinning justification for your utter bullshit on me but I'm sure that means nothing to such a consumate wit.
What do you think it is then? I personally think its molten iron not steel, but hey whats any alloy between friends.
I think it's marshmallow.
The Big Bang is referenced in the Bible.
"And God said, let there be light."
The laws, rules and order are by no means a random chance.
The world was here, we just didn't keep financial records before Lehman Brothers.
im in the process of documenting how what is happening now is the same shit that erupted right after October, 29th 1929 and the currency war that erupted in its aftermath known as the Great Depression...
and more importantly how Gold and Silver drains from the US and Great Britian were at the very heart of it all...
"there are only 2 forms of real money...Physical Gold and Silver...."
always has been. and always will be....for those who argue otherwise u will see very soon.