Idiot Market Jumps On 12 Hour Old News Of Yet Another Chinese Euro Bailout, Since Refuted
Apparently the latest news driving the market is this from AP, which hit the tape 12 hours ago:
China and other emerging powers have agreed to help eurozone countries facing a debt crisis by taking part in a bailout fund, the China Daily said Wednesday, citing a source close to EU decision makers.
The state-owned English language newspaper said leading emerging economies would help to finance the rescue fund through the International Monetary Fund, which would boost their voting rights in the Washington-based lender.
The agreement may be written into the final document at a second emergency summit of European leaders, due to begin later Wednesday, the unidentified source told the newspaper.
Further details on China's investment were not provided.
This would be wonderful, if only it wasn't refuted 3 short hours later by none other than Reuters:
China has backed efforts to tackle the euro zone's debt crisis but there is currently nothing concrete concerning support for a special purpose investment vehicle (SPIV) of the euro zone's bailout fund, a Chinese diplomat said on Wednesday.
"China always supported the EU's effort to deal with the crisis and has done its bit," said the diplomat, who is based in Brussels. "China will continue to do so but, with regard to the special purpose vehicle, there is nothing concrete and detailed."
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