Tuesday, June 25, 2013

Chinese Stocks Drop To Lowest Since Jan 2009; Down 20% From Feb Highs


With US equities 7.5% off their all-time highs and on the verge of instigating a 'Markets In Turmoil' special, we thought it perhaps of note that the growth engine of the world continues to see real turmoil. Short-term funding rates remain elevated (7-day repo jumping 240bps to 10% today) as the 'engineered' credit crunch continues for China. The Shanghai Composite opened down today, crossing the 20% drop level from the recent Feb highs (and -16.5% in the last 16 days!) pushing the index to its lowest level since January 2009.

 


Charts: Bloomberg - ZeroHedge: Chinese Stocks Drop To Lowest Since Jan 2009; Down 20% From Feb Highs

 

Asia Crumbling; China's Worst 2 Days In Almost 4 Years, Nikkei 450 Pts Off Session Highs

Things are getting a little out of hand in Asia once again. China's Shanghai Composite is down 3.7% at the break for its biggest 2-day drop in almost 4 years (-8.9%) and Japan's Nikkei 225, after staging a solid come-back has collapsed 450 points from its highs of the early session smashing below the US day-session lows. Chinese repo is very noisy but 7-day is around 160bps higher for now at 9.2% (having traded at 17% at one point - suggesting 'specific' injections have been made). The carry unwinds continue as USDJPY and Nikkei track each other tick for tick. S&P futures are not going unpunished (-4.5 from the close and -12 from after-hours highs). What's Chinese for 'Dallas Fed's Fisher' or Japanese for 'Hilsenrath'?

Nikkei 225 collapsed below US day-session lows after staging a modest recovery early in the session...




China's worst 2 days in almost 4 years



Charts: Bloomberg - ZeroHedge: Asia Crumbling; China's Worst 2 Days In Almost 4 Years, Nikkei 450 Pts Off Session Highs




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