Keep Calm? Carry On?

Fri, 2017/11/24 - 1:37pm | Your editor
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The big news very early on Thanksgiving Day was that China's large-cap stock index lost 3% in one day, despite the newbie local investors' belief that the government will intervene to stop losses. Nothing happened and the CSI fell fractionally again today. China imposed rules restricting loans to its “shadow banks” which invest wildly and charge huge sums for overdrawing your account. The Shenzhen market where Hong Kong stocks trade fell 2.9% in sympathy.

The tech share I sold half of earlier this week fell by 4.65% in Hong Kong today. Did I catch the bottom? I have no idea, but the Hong Kong market closed the week up 0.53% after falling another 3% today while Shanghai also closed on a feeble note. The S&P China index fell by 1.1% Friday. US tech stocks did not react so far, and rose only modestly in the wee hours.

 

Meanwhile Moody's upgraded India to BAA2-stable which is an investment-grade rating with moderate credit risk—the first such rise in 14 years.

 

Never mind “Keep calm and carry on”. Rumors of shots having been fired in Oxford Street in London led to a panic among shoppers there who fled from the shopping street. An old lady and a man carrying a child were knocked down in the panic and for a while the London Underground did not stop its trains at Bond Street, the nearest station to the middle of the shopping Street. The police said there were no shots but there also was less shopping. A Lithuanian company is beidding to buy Polish retailer Emperia, but not before Christmas—assuming Warsaw allows this. Meanwhile the dollar fell against most currencies helping our portfolios.

 

The Great Black Friday is upon us, and as per usual these days, chaos has ensued. My paper from England, not delivered yesterday, but available in a squinty on-line edition, was also not delivered today. I called the Financial Times US line repeatedly with long waits until I gave up and agreed to be phoned back, but of course nobody phoned back. And there were no Financial Times copies at my local newsagents'. Our household computer meanwhile crashed after a windows 10 update and could not be connected to either the printer or the internet. My office printer upgraded itself and could not recognize my email address. I reset my password and the HP system sent a confirmation of my new password, but then the printer would not allow me to print from my nearly new HP desktop computer. And so it goes.

 

I cannot print my coupons for Black Friday savings. As I have to take the home laptop back to the store and also buy new printing ink for my computer, I will not have time to shop shop shop spend spend spend during the starter day of the race till Christmas and Chanukah. This is just as well as I have been selecting suitable gifts and goodies for the grandchildren for months as I stumbled upon them, and they are already already gift-wrapped.

 

More for paid subscribers follow before I go to the computer store to get help. We have news from around the globe as other markets did not do Thanksgiving yesterday or at all. We have a note about Iran, unusual for this blog, and from Argentina, Britain, Brazil, Canada, Chile, Hong Kong, Ireland, Israel, Mexico, Spain, and Australia. We have two company quarterly results which came out yesterday as well.

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