- China Plunges Most Since 2008, Points Away From Bear Market; Greek Drama Continues
by Tyler Durden, www.zerohedge.com
Following yesterday’s furious market drop in Chinese stocks, just before the overnight open, Morgan Stanley came out with a much distributed report urging investors “Not to buy this dip”, and so they didn’t. As a result, the Shanghai Composite imploded, at one point trading down 8% while the Chinext and Shenzhen markets crashed even more. This was the single biggest Shanghai Composite one-day drop since 2007, and with a close at 4192.87 the SHCOMP is now on the verge of a bear market, down 19% from its June 12 highs. China’s second largest market, Shenzhen, is now officially in a bear market.
We wonder if the media will blast that Chinese stocks have lost $2 trillion in 2 weeks with the same euphoria as they explained how Chinese stocks crossed $10 trillion in market cap precisely two weeks ago.