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Ping pranged
Did you think collapsing financials was restricted to those Imperialist Running Dogs Of The West?
Oh, no. China has contracted its own case of credit-contagion - or at least imported the infection from Belgium.
On Tuesday shares in Ping An, the giant insurer that was once cited as a possible acquirer of the UK’s Prudential, dropped 10 per cent in Shanghai - its daily limit under local trading rules.
Problems at Fortis were blamed. Ping has a 5 per cent stake in the Belgian bank and, with Fortis desperately trying to shore up its balance sheet, the Chinese investor will have to stump up additional funds if it wants to maintain its holding. Like insurers the world over, Ping is also a big investor in the local equity market - and the Shanghai Composite hasn’t looked too clever of late, falling 56 per cent from its October high.
Ping An in Hong Kong, where the net fall on the day was 7.7 per cent:
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So Ping An isn’t coming to London to mate with Pru Pru.
The visitors to the London City Zoo may not be too dissapointed - we seem to have a very large number of our own bears already and don’t want any more.