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Heading for another Asia Financial Crisis?

Posted in : News on by : Around DB Comments: 0
We rarely post anything on financial matters but today sees “China’s support measures crumble as Shanghai stocks dive 8.5 per cent in biggest daily drop for 8 years”, as reported by SCMP this morning.
 

The Shanghai index suffers biggest one-day fall in eight years. And China’s fall drags Hong Kong stocks back among Asia’s cheapest.

With regards to currencies, the dollar eased on safety bidding for other major currencies and the euro topped US$1.11 for the first time in two weeks, supported by strong German business sentiment data. 
 

“Oil hit four-month lows after the Chinese stock crash fueled worries the world’s biggest energy consumer may cut back and as more evidence emerged of a global crude supply glut. 

Brent crude oil settled down at $53.47 a barrel, after falling to as low as $52.90, its lowest since mid-March.”

 

And of course, the US$26 trillion debt problem does not help China to stay competitive!

 
You may want to consult your financial adviser ASAP!
 
Photo credit: abcnews.go.com
 
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