In what appears like a coordinated USDJPY-driven intervention, the Panic Plunge Protection Team has swung into action not once but twice tonight so far. After China opened down between 5% and 7%, and initial momentum bounce from USDJPY failed onlyt to be followed by a bigger more energentic push to get Shaghai Composite back to unchanged... but Chinese stocks are once again losing momentum...
Double PPPT effort tonight...Spot The Difference
[4]
But it appears to be fading fast... as dip-buyers cover into the government buying
[5]
We're gonna need moar JPY selling...
MUST.REGAIN.CONTROL... MUST.SHOW.OMNIPOTENCE... #FAIL
- *CHINA'S SHANGHAI COMPOSITE FALLS 1% TO 3,688.48 AT BREAK
- *CHINA'S CSI 300 INDEX FALLS 0.2% TO 3,810.65 AT BREAK
Charts: Bloomberg
