Overnight concerns from the US that credit-market losses would continue to spread meant shares fell across Asia on Tuesday morning (except in China). The persistent worries (except in China) about the fallout from the subprime mortgage market in the US weighed on European stocks in early trade.
A Chinese retail investor said on Tuesday, “subprime? Never heard of it,” as the Shanghai Composite climbed more than 1 per cent to a new all-time closing high of 4,872.79, retreating fractionally in the last minutes of trading from a record intra-day high of 4,876.85.
Next up: the biggie. Analysts now see the market passing the 5,000 mark within days or weeks.
The market broke through its last benchmark, 4,000, at the end of May.