Market Soars Following Latest "China Bails Out Europe" Rumor: Expected Rumor Half Life - 15 Minutes
Update 2: Yes, the FT story that cites unidentified Italian officials, does exist. Link is here
Update: "Further negotiations are likely to take place soon, FT says, citing unidentified Italian officials". Ok seriously, enough with this bullshit, please.
How many times can the idiotic market keep falling for the same old rumor over and over and over again? Yes, for those wondering what caused this epic surge in stocks on massive volume look no further than the following FT headline which is precisely the same as what we have seen every single other "Chinese white knight" time, namely that Italy is in talks with China Investment to buy bonds, assets (it also makes it perfectly clear who the real "IMF" is). That said, this is at least the 4th time that China has "bailed out" Europe in 2011. We give this latest rumor a 15 minute half life.
Idiot robot and momo chaser update, 14 minutes later: