US Contagion Accelerates - China Big Caps Crash Over 7%, Worst Week Since Lehman

Update 0950ET: Things went from bad to worst very fast...

  • *CHINA H-SHARE INDEX SLIDES 5%
  • *SHANGHAI COMPOSITE INDEX DROPS 5.3%
  • *CHINA SSE 50 INDEX OF BIG CAPS DROPS 7.5%
  • *TENCENT DROPS 5.1% TO TRADE BELOW HK$400

 

This is the big caps worst day since the Aug 2015 devaluation crash, and the worst week (unless The National Team steps in) since Lehman...

 

*  *  *

After an insane winning streak in December and January, the Hang Seng has plummeted in the last few days and along with the rest of the major mainland China equity markets - has entered correction.

 

2018 started off so well in China...

 

But after an almost incessant ramp, China and Hong Kong stocks have crashed back to reality in the last few days...

Shanghai Composite is now at 7-month lows...

 

And Hang Seng is down 12% from its highs, back below 30,000...

The Yuan remains on edge as it tumbles most since the Aug 2015 devaluation...

 

And across the water, Japanese stocks are down 13% from their highs...

Comments

takeaction williambanzai7 Thu, 02/08/2018 - 20:57 Permalink

Oh...my 70 year old neighbor....again is 100% invested in this mess.  He still has his obama signs in the garage...the lights are on in his garage with a big screen with Rachel Maddow on now.  He is having a few beers after today's disaster.  He will ride this pig right into the slaughter house.  He is a NEVER SELL...always hold.  Why do I feel good...it is soo wrong.

In reply to by williambanzai7

NoDebt lloll Thu, 02/08/2018 - 22:12 Permalink

God damn.  I step away for a day and everything goes to hell in a handbasket.  Dow drops a cool thou.  Congress can't figure out whether to shit or wind their watch.  50,000 structurally deficient bridges..... it's fucking mess.

I'm disappointed in you guys.  Can't you keep this shit together for ONE FUCKING DAY without me around?

Get some sleep.  It's gonna be a long fucking day tomorrow cleaning all this shit up.

 

In reply to by lloll

DingleBarryObummer NoDebt Thu, 02/08/2018 - 22:39 Permalink

When this bear gets blamed on the red team, dereg, tax cuts, and we get Bernie Sanders in 2020, let me know how your taxes are going.  Whether Trump's a useful idiot or complicit stooge, we will never know, but the results will be the same.  SHould have not attached his brand to this market, duh.  You handle is ironic considering that you are cheering on the country going into what's that?  MoarDebt.

In reply to by NoDebt

coast1 Thu, 02/08/2018 - 20:59 Permalink

and I just noticed pre-market trading is up 70...lol, its weird to me...Down 1000 points, and two hours later its back up...Did I miss something?  All I saw today, even from MSM and other countries was bad news..tomorrow will be interesting..some say its a shot at the bow for trump to back off...I have no idea.