Daily Revolt

June 04, 2007

China Shares Tumble as Panic Spreads

We should be concerned; especially since China funds our debt:
China stocks tumbled 8.3 percent on Monday in their second biggest drop this decade, erasing $340 billion in market value and extending big losses from last week after the government hiked the share trading tax to cool a feverish bull run.

[...]"This is obviously panic selling, and the sentiment is quickly spreading across the market," said Wang Jing, deputy general manager at Everbright Securities.

[...]The key index has now lost 15.3 percent from last Tuesday's record intra-day high. A fall of 10 percent is an internationally accepted definition of a bear market in stocks.

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