A 3.3% slide in the Shanghai Composite Index in China led a sell-off in Asia, sending shares to the lowest level in 21 months. Worries about asset quality at some of the major banks in China and fears growth is slowing were responsible for the latest slide. According to the Financial Times, Beijing is coming under increasing pressure to enact measures to stop the slide in stock prices, but so far, authorities have done little to signal any actions to prop up the market. Since peaking in October, Chinese shares have lost an astonishing 66%.
-- Charles Schwab, Morning Market View, September 11, 2008
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