Last week’s dead cat bounce in Chinese stocks – after Beijing did everything but launch a multi-trillion fiscal stimmy bazooka (something it will do, later if not sooner) – is a distant memory, and as Asian markets open for trading in the news week, Chinese markets are cratering with the Shanghai Composite plunging as much as 3.1% to a fresh five-year low.. … while the broader CSI 1,000 Index is also in free-fall and also on pace to re-test the 2018 lows with as many as 990 of the 1000 companies of the index in the red. Putting the latest collapse in context, China’s market capitalization has sunk by just over $1 trillion in the space of 13 trading days, dragging the total value of the nation’s equities under $8 trillion on Friday, from just above $9 trillion on Jan. 16, as the authorities’ hand-wringing about equity declines simply […]
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