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One H#ll of a Round Trip: Chinese Stocks Crash 8.45%, Give Up 60% Gains This Year
Monday, August 24, 2015 10:10
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globaleconomicanalysis.blogspot.com / Mike “Mish” Shedlock / Monday, August 24, 2015 12:25 AM
Chinese stock plunged another 296.55 points today (8.45%) to 3211.20. The market was once up over 60% on the year in June, but is now negative.
I added that last red bar because Stockcharts reflects last Friday.
One Hell of a Round Trip
From 3264 to 5178 to 3211 is one hell of a round trip, especially for a stock market index.
Bloomberg notes State Support Fails to Stop Rout.
- More than 750 stocks fell by the daily 10 percent limit on the Shanghai Composite.
- Economic growth slowed to 6.6 percent in July, according to Bloomberg’s monthly GDP tracker.
- Stocks on mainland bourses traded at a median 61 times reported earnings on Friday, according to data compiled by Bloomberg. That’s the most among the 10 largest markets and more than three times the 19 multiple for the Standard & Poor’s 500 Index.
The post One H#ll of a Round Trip: Chinese Stocks Crash 8.45%, Give Up 60% Gains This Year appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/08/24/one-hll-of-a-round-trip-chinese-stocks-crash-8-45-give-up-60-gains-this-year/
