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| 1 month charts for DJI (left) and S&P 500 show a "roller coaster" ride (source: google.com, 1 Sep 2015) |
What Parade in China? Global Stock Markets are on a Roller Coaster!
“The problem is, as much as China is the catalyst for this, it’s also that we’re seeing weakness in fundamentals here. A lot of company earnings were hurt by China in the second quarter and it’s only gotten worse. People are losing confidence with the whole situation there breaking down, not just in the stock market but in data as well.”--Matt Maley, an equity strategist at Miller Tabak & Co LLC in New York (Bloomberg, infa)U.S. Stocks Tumble as China Slowdown Deepens Concerns on Growth (Sept. 1, 2015)- Bloomberg Business: "The Standard & Poor’s 500 Index slid 3 percent to 1,913.85 at 4 p.m. in New York, the third-worst drop this year. It’s a sour start to September, historically the worst month of the year with the equity gauge falling 1.1 percent on average going back to 1927, according to data compiled by Bloomberg. The Dow Jones Industrial Average sank 469.68 points, or 2.8 percent, to 16,058.35. The Nasdaq Composite Index lost 2.9 percent."
Zombie Factories Stalk the Sputtering Chinese Economy - The New York Times: "... Concerns have already been rising that China’s slowdown is worsening and its problems are becoming harder to overcome. Such fears helped ignite a dramatic sell-off on stock markets around the world. Shares on the Shanghai stock exchange have tumbled by more than third since the June high.“Global investors have now come to realize that China’s travails are beginning to affect everyone,” said Frederic Neumann, co-head of Asian economic research at HSBC in Hong Kong...."
Japanese Stocks Swing as U.S. Data Adds to Global Economic Gloom - Bloomberg Business: "Investors in Japan have turned the most bearish on equities in almost seven years. Short-selling accounted for 41 percent of trading on the Tokyo Stock Exchange on Tuesday [Sept. 2, 2015], the highest ratio since the bourse began keeping daily records in 2008."
Stocks Slump: How Much Lower Can They Go? -- OppenheimerFunds CIO Krishna Memani and Bloomberg's Oliver Renick discuss the selloff in U.S. stocks with Bloomberg's Alix Steel on "Bloomberg Markets," Sept. 1, 2015.
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