Market sell-off accelerates

[Dekster]

Gonna be one of them ugly Mondays on Wall Street. China housing credit issues seen as possibly contagious.

S&P 500 falls 1.7% for its worst day since May, Dow sheds 600 points

Investors fear a contagion sweeping financial markets from the troubled China property market.

www.cnbc.com

U.S. stock futures began the week deeply in the red as investors continued to move to the sidelines in September amid several emerging risks for the market.

Futures on the Dow Jones Industrial average lost 650 points, or 1.9%. S&P 500 futures fell 1.7%. Nasdaq 100 futures dropped 1.7%. If the declines hold after the open, the blue-chip Dow is set for its biggest one day drop since July 19, while the S&P 500 is poised for their worst sell-off since May.

 

[Votto]

 

[Mac1958]

China's a pain in the ass: Far too big to ignore, but far too opaque to believe.

Yet we're still more than happy to enable them by buying their shit.

 

[Dekster]

China's a pain in the ass: Far too big to ignore, but far too opaque to believe.

Yet we're still more than happy to enable them by buying their shit.

In this case, Evergrande takes a 50% down payment to build houses, and a backlog in the millions, and doesn't have the money/credit to complete the homes. I think this is mostly seen as an indicator that the US housing market is next to see a "correction"

 

[Mac1958]

In this case, Evergrande takes a 50% down payment to build houses, and a backlog in the millions, and doesn't have the money/credit to complete the homes. I think this is mostly seen as an indicator that the US housing market is next to see a "correction"

Yeah, agreed. We're so frothy right now that we're looking for a reason to pull back.

That's okay, long term. The regular breathing of markets.

 

[Dekster]

Yeah, agreed. We're so frothy right now that we're looking for a reason to pull back.

That's okay, long term. The regular breathing of markets.

The market is approaching record P/E's so it has no where to go but in bear territory. Real Estate is bound to compress. The house next to me was under contract in a couple days of hitting the market and this week will become the most expensive house sold in my neighborhood but it is not the largest or nicest one. Those people will be underwater in 6 months. They had their final inspection Saturday. They are happy. I am sad for them. Seemed like a nice family. They are about to be taken for a ride though.

 

[shockedcanadian]

I had been watching a bit of media on Evergarde for a few days now. The issue as I understand it, appears to revolve around their ability to repay their debts.

They are the biggest developer in China, and many Chinese citizens were encouraged to invest in this company. They are all about to take a bath.

China will be fine, but their citizens unhappiness is going to be through the roof. Who will they blame?

 

[Dekster]

I had been watching a bit of media on Evergarde for a few days now. The issue as I understand it, appears to revolve around their ability to repay their debts.

They are the biggest developer in China, and many Chinese citizens were encouraged to invest in this company. They are all about to take a bath.

China will be fine, but their citizens unhappiness is going to be through the roof. Who will they blame?

If they cannot get credit though, it is a good indicator that the global financial market has had its fill of real estate.

 

[shockedcanadian]

If they cannot get credit though, it is a good indicator that the global financial market has had its fill of real estate.

Well, in China, sure.

Chinese citizens have been buying property in the West for some time. I imagine it will just increase if their real estate markets at home collapse.

The longer term concern as I consider the outcome of a bankruptcy of this company will be Chinese citizens lost faith in capitalism and the government being given a green light to take over the entire sector.

 

[DudleySmith]

The SPAC bubble has burst, so that casino is losing share values; over 75% of that scam stil hasn't been used to buy shares yet, and never will.

 

[DudleySmith]

LOL the house flippers are going to be piling into bankruptcy courts, and leaving the government to pay their losses yet again. Bet they blame Democrats again, like the last crooks did, and I'll ask again which DEmocrat held a gun to your head and made you leverage a $30K house for $500K? And again I'll get a lot of hypocritical rubbish excuses from idiots who keep babbling about 'free markets' but refuse to pay their debts when the market goes against their gambling bubbles..

 

[Mikeoxenormous]

Gonna be one of them ugly Mondays on Wall Street. China housing credit issues seen as possibly contagious.

S&P 500 falls 1.7% for its worst day since May, Dow sheds 600 points

Investors fear a contagion sweeping financial markets from the troubled China property market.

www.cnbc.com

U.S. stock futures began the week deeply in the red as investors continued to move to the sidelines in September amid several emerging risks for the market.

Futures on the Dow Jones Industrial average lost 650 points, or 1.9%. S&P 500 futures fell 1.7%. Nasdaq 100 futures dropped 1.7%. If the declines hold after the open, the blue-chip Dow is set for its biggest one day drop since July 19, while the S&P 500 is poised for their worst sell-off since May.

All you have to do is put a Progressive into the presidency and sure enough the market will tank. What is worse is that with the QE going on still, the FED doesnt have much left to battle the tanking market. People are worried about the inflation, soaring energy prices, dangerous times in big cities. No one wants to invest is that shit....But watch the stuff for doomsday like generators, bullets and precious metals.....

 

[Mikeoxenormous]

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It is a sad day for America, when this guy stole the 2020 election.....