Capping an extraordinary week of stock market losses that defied state intervention, China decided to double down on Saturday – hoping to avoid a “Black Monday” when trading resumes after the weekend.Meeting in Beijing, 21 major brokerage houses said they would contribute 120 billion yuan – the equivalent of $19.3 billion – to purchase blue-chip “exchange traded funds” to stabilize […]
While many of his peers get their sense of achievement from online video games, Li Shengyao, a 21-year-old sophomore at the Shanghai University of Finance and Economics, gets it from playing the stock market. He describes himself as a short-term trader who “can’t stop my fingers from making orders.”Li spends at least three hours every night dissecting day-trading activity and […]
2) Shanghai shares fell 3.3 percent on Monday despite another rate cut by the People’s Bank of China (PBOC), and reduction in reserve requirements, which allows banks to lend more freely, and again, at a lower cost to borrowers.3) Puerto Rico says it can’t pay the $72 billion owed to its creditors and wants a moratorium on payments until it […]
A closed bank in Athens this morning. Photograph: Thanassis Stavrakis/AP
Good morning.The Greek debt crisis is set to sent turmoil through Europe’s financial markets this morning, as the looming prospect of Greece plunging out of the eurozone sends panic through trading floors.Shares are set to tumble in London, Frankfurt, Paris and beyond, after a dramatic weekend which began with Alexis […]
Hopes of Greece and its creditors reaching a deal later this week helped benchmarks end higher on Monday. Greece has submitted new fiscal proposals to avert a default. Separately, the Nasdaq closed at an all-time high lifted by gains in biotech stocks.For a look at the issues currently facing the markets, make sure to read today’s Ahead of Wall Street […]
ReutersAn investor stands in front of an electronic board showing stock information at a brokerage in Shanghai December 31, 2014.See AlsoDevelopers in China are giving away Porsches to sell housesChina’s 60 million ‘left-behind’ children highlight the country’s devastating povertyUS officials are preparing to confront China over some ‘very problematic’ issuesOne of China’s top stock market regulators has been arrested.The head […]
ReutersChina’s ruling Communist Party has made it clear that it has a mortal enemy: social unrest.Separately, it has also made it clear that the Chinese people should be heavily invested in the stock market.And so, dutifully, the Chinese people have done just that, spurring the longest bull market in the country’s history — the glorious 100% rally of the Shanghai […]
This morning I was thinking about writing this week’s column.I had to make a quick stop in Walmart. As I was walking through the parking lot, someone made a comment to me about their concerns that the stock market was about to start a correction. I was not sure why they told me this concern until the man told me […]
Greek Prime Minister Alexis Tsipras arrives at his office in Maximos Mansion for a governmental council meeting. Photograph: Alkis Konstantinidis/Reuters
Time for a recap, as we await Mario Draghi’s appearance at the European Parliament this afternoon.The Greek government and the European Commission have blamed each other for the collapse of negotiations over its bailout programme last night, amid rising concern […]
Submitted by Tyler Durden: It is no secret that US healthcare corporations have been among, if not the biggest beneficiaries of Obamacare: by “socializing” costs and spreading the reimbursement pool over the entire population in the form of a tax, pharmaceutical companies have been able to boost medical product and service costs to unprecedented levels with the help of complicit […]
