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’Asia update: It’s getting grimmer
Firstly, the Chinese official inflation figures for July came in higher than expected: 6.5 per cent compared with an average forecast of 6.3 per cent in Reuters and Dow Jones polls — the highest monthly increase for three years.
Asia bungees off Europe’s bailout
While Europe’s markets threw themselves into a dead wolf bounce on news of the EU’s bailout on Monday, traders around Asia were contemplating the day’s gains in regional markets.
In a wave of what some fear could be misplaced optimism following overnight news of Europe’s massive rescue plan,
Outshone by Shanghai’s rising sun?
Foolish Pru! You picked the wrong Asian secondary listing. For Monday has brought yet more news of the Shanghai Stock Exchange’s bid for complete world domination. (Quaking in your boots yet, Hong Kong?)
Specifically,
Shanghai turndown
The Asian sell-off is one of the dominating market stories on Monday. In particular, attention is focusing on the spill-over from China’s recent equity slide and into more open markets like Hong Kong.
The chart below,
HSBC, the bouncing bank
Yep, one of the world’s biggest banks, continues to trade with all the volatility of a penny dreadful.
The recent price action.
The shares were down 20p at 380p on Wednesday, having touched 363p at one stage.