1. Another interesting day. I started the day writing about the Chinese markets: 'Chinese market still clearly negative down over 7% at the time of writing as despite PBOC injecting CNY150 Bln (US$23bn) via its 7-Day reverse repos to help support banks, other chat that ‘Shanghai Margin Debt Declines To Lowest In Five Months’ implies money still coming out of the market via fear/margin calls. Also this report suggests China realising aggressive intervention maybe counterproductive'...
2. ...before a recovery in Europe was accentuated by a Chinese rate cut to which I observed:
So at 3,000 the bigger guns came out. What happens if it falls - god forbid - back to its level a yr ago!? #Shanghai
Still at least China could join the interest rate reduction party (again):
3. Elsewhere I wrote up the Billiton numbers in my Share Prophets column noting that the c. 1000p share price was a bit of a steal over any reasonable time period:
4. Staying in the resources space Polymetal remains my second favourite gold miner after Randgold following an appraisal of their results today:
5. Back to volatility for the last observation.
The S&P 500 and Dow Jones Industrial Average have seen the largest two-day intra-day swing since the global financial crisis in 2008, with the S&P 500 gyrating between a high of 1,948.04 and a low of 1,867.08 over the two days (179.1 point move in total). The last time it moved more over a two-day period: October 2008.
It is going to be an interesting Wednesday...