Just realized that China has reached 2 years low.
So has Rio Tinto and BHP Billiton !
Surprisingly, the Brazil market has also made a double bottom. Time to Samba? I am buying Brazil !
FT:
Central Huijin, the domestic arm of China’s sovereign wealth fund, will purchase shares in Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China, the official Xinhua news agency announced on Monday. Xinhua added that the purchases by Huijin – its first such public intervention since a similar decision at the onset of the financial crisis three years ago – would “support the healthy operations and development of key state-owned financial institutions and stabilise the share prices of state-owned commercial banks”.
The announcement came too late for the Chinese stock market, which had closed at a 30-month low, but had an immediate effect on late trading in Hong Kong. ICBC’s Hong Kong-listed shares, which had been down 3 per cent, rallied to close up 1 per cent.
The E.U. summit meeting has been postponed to October 23rd to give policymakers more time to hammer out the details. They really need to get this right.
So has Rio Tinto and BHP Billiton !
Surprisingly, the Brazil market has also made a double bottom. Time to Samba? I am buying Brazil !
FT:
Central Huijin, the domestic arm of China’s sovereign wealth fund, will purchase shares in Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China, the official Xinhua news agency announced on Monday. Xinhua added that the purchases by Huijin – its first such public intervention since a similar decision at the onset of the financial crisis three years ago – would “support the healthy operations and development of key state-owned financial institutions and stabilise the share prices of state-owned commercial banks”.
The announcement came too late for the Chinese stock market, which had closed at a 30-month low, but had an immediate effect on late trading in Hong Kong. ICBC’s Hong Kong-listed shares, which had been down 3 per cent, rallied to close up 1 per cent.
The E.U. summit meeting has been postponed to October 23rd to give policymakers more time to hammer out the details. They really need to get this right.
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