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US 7:3 green
Asia 5:3 green: TOP Hang Seng + 1.53%, NIKK - 0.08%. Overall low vola
Gold down @ 2024
btc$ down @ 39758
Numbers: Germany Purchasing Managers Index 9:30, EU Purchasing Managers Index 10:00, US Production Index PMI 15:45
CAN first interest decision (others will follow tomorrow Thursday) 15:45, Conference 16:30 (with outlook)
Speeches: none
DAX pre cash 7:30 @ 16735 - a jump up of 80 points to closing yesterday
Development of China's and Hong Kong's stock markets
Cited from CNN today:
" Over the past three years, about $6 trillion — equivalent to roughly twice Britain’s annual economic output — has been wiped off the value of Chinese and Hong Kong stocks.
The Hang Seng index has crashed 10% so far this year alone, while the Shanghai Composite and Shenzhen Component indexes are down 7% and 10% respectively.
The astonishing losses, reminiscent of the last Chinese stock market crash of 2015-2016, highlight a crisis of confidence among investors concerned about the country’s future.
“The past three years were no doubt a challenging and frustrating period for investors and market participants in Chinese equities,” Goldman Sachs analysts wrote in a research note Tuesday. “China … [is] currently trading at suppressed valuations and decade-low allocations across [investment] fund mandates.”
The world’s second largest economy is plagued by a myriad of problems. They include a record downturn in real estate, deflation, debt, a falling birthrate and shrinking work force, as well as a shift towards ideology-driven policies that has rattled the private sector and scared away foreign firms.
The stock meltdown has made Chinese markets the world’s worst performers so far this year. All this is playing out against the backdrop of a global stock market rally, led by Wall Street’s record-setting run, and by Japan in Asia."
