New York Times 旭川時事英語研究会

Global Stocks Tumble Further Amid Doubts About China and Emerging Economies

投稿日:

皆さん、お元気ですか?
旭川時事英語研究会の宮口です。最近、北大出身の元英語教師の男性がメンバーに入ってくれました。何と83歳になられるというのに衰えぬ向学心と英語力に脱帽!中国語も勉強されているそうです。負けないように皆さんも一緒に頑張りましょうね♪

Global Stocks Tumble Further Amid Doubts About China and Emerging Economies

By NEIL GOUGHAUG. 23, 2015                 The New York Times

api

HONG KONG — Global markets continued to plunge on Monday, with stocks across Asia sliding sharply, led by a rout in China.

The main Shanghai share index was down 8.4 percent by early afternoon, erasing its gains so far this year. The selling in China has accelerated despite extraordinary government intervention in the past two months aimed at propping up share prices. As Monday’s slide highlighted, those efforts have not been a success.

Investors’ concerns over China’s economic slowdown and a souring view of once-favored emerging economies have rattled financial markets around the world in recent days, and showed no signs of letting up on Monday.

The gloom was shared across the region. In Japan, the Nikkei 225 stock average was 3.2 percent lower by early afternoon, while Australia’s main index was down almost 4 percent. Asian trading in index futures suggested a sharply lower opening on Monday for stocks in the United States.

In Hong Kong, where the Hang Seng Index was down nearly 5 percent by early afternoon, the mood at local brokerages was grim.

“People who had wanted to bottom feed by buying earlier this morning are all losing money,” said Andy Wong, a Hong Kong stockbroker. “The market trend does not look good, it is all bad news, globally. All the markets are going down, globally; The Chinese stock markets are in free fall today.”

Leung Chung, a 62-year-old retiree and day trader in a T-shirt and with a toothpick in his mouth, looked sourly at the monitors at his local brokerage in late morning. “I just purchased some stocks earlier this morning, but have already lost money,” Mr. Leung said. “I am not too concerned as I only bought stocks with solid financial strength.”

Most Asian currencies fell against the dollar, including the Malaysian ringgit, which slipped 1.4 percent in early afternoon trading. The yen, considered a regional haven currency, rose against the dollar for the fourth day in a row. Prices for commodities such as oil and copper continued their retreat. A Bloomberg index of total returns on commodities fell to its lowest level since 2002.

Investors in Asia were reacting to the steep sell-off on Wall Street on Friday, when the Dow Jones industrial average tumbled 3.1 percent, threatening to end a breathtaking six-year rally in United States stocks.

The rout has deepened globally as uncertainties have increased over the health of China’s economy, previously a major engine of global growth. The surprise devaluation on Aug. 11 of China’s currency, the renminbi, was the biggest drop since the country’s modern exchange rate system was established in 1994.

The move raised concerns that China’s slowdown could be worse than previously appeared, a development that would have far-reaching effects, given China’s increasing economic importance to Asia and the rest of the world.

“Asian financial markets are seeing an intensification of selling pressure in the aftermath” of China’s devaluation, Claudio Piron, a strategist in Singapore for Bank of America Merrill Lynch, wrote Monday in a research report. “The market’s confidence in China’s ability to deliver growth remains in question.”

On Friday, new data showed China’s manufacturing industry contracted in the first three weeks of August at the fastest pace since the depths of the financial crisis.

It was the latest sign of continued deterioration in industrial activity across China, suggesting that the government’s efforts to support growth — which include several interest rate cuts and directing billions of dollars in new loans to infrastructure projects — have fallen short.

At the same time, state intervention in the stock markets appears to have backfired. China’s stock markets had enjoyed a tremendous rally, more than doubling in the year to mid-June. But they have plunged since then, despite the government ordering state agencies to buy shares and barring large shareholders from selling down their stakes.

Despite this, the market continued to slump. On Monday, the Shanghai index fell to its lowest level so far this year; it traded as low as 3,206.29 points, a drop of 8.6 percent from the close on Friday and nearly 40 percent below its peak in June.

The plunge on Monday in Shanghai came despite an announcement by China’s government on Sunday that the country’s pension funds had been approved for the first time to invest in stocks.

Pension funds can now invest as much as 30 percent of their holdings in the stock market, according to the statement by the State Council, China’s cabinet. The main state-run pension fund manages about 3.5 trilllion renminbi, or about $550 billion, in retirement savings of ordinary citizens.

Keith Bradsher contributed reporting from Hong Kong.

Sponsored Links




Sponsored Links




-New York Times, 旭川時事英語研究会

執筆者:


comment

関連記事

Pope Francis: Millions gather in Manila for Mass

皆さん、明けましておめでとうございます。旭川時事英語研究会の宮口です。今年始めての勉強会ですね。それでは早速、今日の課題をお知らせします。 By Faith Karimi, CNN Updated 0 …

英語の発音は悪い方がいい!?

HaffPOSTに日本人にとって非常に頼もしい?記事が掲載されました。 なんと「英語の発音は悪い方が良い」という株式会社ワールドの足立光氏の記事です。 1.英語の発音では、「ネイティブに永遠にかなわな …

no image

Mandela: Patriarch, legend, family man

皆さん、お元気ですか? 先週2月7日の旭川時事英語研究会は、TBS「報道特集」の金平茂紀氏をお迎えしての勉強会でした。非常に有意義で濃密な楽しい勉強会でしたね。写真をアップしておきます。 Mr.Shi …

no image

Was ‘White Widow’ Samantha Lewthwaite involved in Kenya mall attack?

皆さん、お元気ですか?旭川時事英語研究会の宮口です。 連休が続きましたが、英語の方はどうでしたか? 個人的には、仕事が忙しくて大変ですが、なんとか今日も張り切って行こうと思います。 さて、今日の話題は …

U.S. Sends Another Aircraft Carrier as Warning to N.Korea

旭川時事英語研究会  資料2 U.S. Sends Another Aircraft Carrier as Warning to N.Korea By Lee Yong-soo         Cop …

Sponsored Links

Sponsored Links



search