30 October 2009
China Stocks down on decline in US consumer confidence. Waaa.
Whenever there is a selloff or a big rally , pundits try to correlate the action with some piece of news like GDP (yesterday) or consumer confidence (today). Or maybe it was just fear taking back what it lost to greed yesterday. Chinese stocks should have been fairly immune to the slaughter today (or the rally yesterday.) But as you can see, they actually got smacked around worse than the US average. As long as fear is in charge here, China stocks will suffer here as well. And in Shanghai and HK on Monday for sure.