China stocks took a big hit. Petro China after becoming the first trillion dollar company was down 12% on NYSE. I sense they are trying to tell us something which may not be good. Tonight will be a good time to watch Asian markets on cable networks to learn more about their problems, probably related to worries about their business with the US.
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Today the stock market started out. Premarket Dow was down 100, but losses have been cut back at midday. Credit worries starting with Citi spread to other major financials & the rest of the market. The advance/decline ratio is over 3-1, not good. This week is shaping up as a tough week for the stock market.
Cable financial news
Recently my cable provider added additional channels at an extra cost. Some are helpful in evaluating the stock markets. Before I was limited to CNBC & Fox Business News, starting last month, but FBN has to learn how to report financial news. Now Bloomberg & Asia.CNBC have been added, I like them. When the US markets close, Asian markets are getting ready to open. During our nighttime period, they are trading and these stations give updates. Now it is easy to see if Asia markets are following thru or not from US trading. Those who stay up late (or rise early) can catch opening trading for the European markets.
The big news in Asian markets is China, the Shanghai market is near record levels. It's helpful to keep in mind that their investors are not sophisticated, their rapid rise will have it's day of reckoning. Today China stocks on NYSE are down big led by Petro China ADRs, off 10%. Petro China is in the news for becoming the first trillion dollar company. US investors should folow overseas markets to learn how they influence ours.
Asian markets react to their local business there and their exports to countries led by the US. Sub prime problems in the US affect them because their financials have invested in them forcing write-downs like in the US. Keeping an eye on these markets is important for an investor here to be a very smart investor.
The big news in Asian markets is China, the Shanghai market is near record levels. It's helpful to keep in mind that their investors are not sophisticated, their rapid rise will have it's day of reckoning. Today China stocks on NYSE are down big led by Petro China ADRs, off 10%. Petro China is in the news for becoming the first trillion dollar company. US investors should folow overseas markets to learn how they influence ours.
Asian markets react to their local business there and their exports to countries led by the US. Sub prime problems in the US affect them because their financials have invested in them forcing write-downs like in the US. Keeping an eye on these markets is important for an investor here to be a very smart investor.
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