China’s shareholder meltdown leaves markets in chaos, with a tonne of iron now cheaper than a tonne of CABBAGES as experts say ‘desperate’ Beijing officials ‘have lost control’…(Get Ready For WW3!!)
Shares continued to tumble in the morning before rallying later in the day
Price of iron ore falls 10 per cent – its biggest one-day hit ever overnight
Police and regulators launch joint investigation into ‘vicious short-selling’
Fears grow of 1929-style crash as $3trillion is wiped off shares in weeks
By SIMON TOMLINSON and DARREN BOYLE
DailyMailUK
9 July 2015
China’s stock markets rallied today but did little to ease fears of a devastating meltdown, with commodity prices continuing to plummet and Beijing accused of ‘losing control’ over the crisis.
Shares tumbled in the morning before soaring later in the day, bringing light relief from a downward spiral that has seen almost $3trillion wiped off valuations in just three weeks.
But commodity prices continued to take a hammering, with one analyst saying a tonne of iron ore was now cheaper than a tonne of cabbages after suffering its biggest one-day hit ever overnight.
Police and security regulators also launched a joint probe today into ‘vicious short-selling’, the practise of selling stock that is not actually held, in anticipation of a future fall in prices.
Mark Mobius, chairman of Templeton Emerging Markets Group, said the move ‘suggests desperation’ by the leadership.
‘It actually creates more fear because it shows that they’ve lost control,’ he told Bloomberg News.
The Rest…HERE
