{"id":39597,"date":"2018-10-23T07:45:38","date_gmt":"2018-10-23T12:45:38","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39597"},"modified":"2018-10-23T07:45:38","modified_gmt":"2018-10-23T12:45:38","slug":"drowning-in-a-sea-of-red-global-markets-plunge-as-european-tech-stocks-crash-chinese-rout-returns","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39597","title":{"rendered":"&#8220;Drowning In A Sea Of Red&#8221;: Global Markets Plunge As European Tech Stocks Crash; Chinese Rout Returns"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-10-23\/drowning-sea-red-global-markets-plunge-european-tech-stocks-crash-chinese-rout\"><span class=\"field field--name-title field--type-string field--label-hidden\">&#8220;Drowning In A Sea Of Red&#8221;: Global Markets Plunge As European Tech Stocks Crash; Chinese Rout Returns<\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1099\" data-gtm-vis-first-on-screen-2077925_22=\"1099\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<footer class=\"node__meta\">\n<div class=\"submission-wrapper\"><\/div>\n<\/footer>\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>Yesterday morning, Morgan Stanley declared that the &#8220;<strong><a href=\"https:\/\/www.zerohedge.com\/news\/2018-10-22\/morgan-stanley-declares-dead-cat-bounce-over\">dead cat bounce is over<\/a><\/strong>. One day later, the bank&#8217;s thesis was confirmed with global markets a sea of red on Tuesday, as a violent rout in Asia carried over into Europe, slamming tech and industrial stocks, and crossing the Atlantic, sending US equity futures retesting the lowest level hit during the October 10\/11 two-day rout.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/markets%202018-10-23_6-05-16.jpg?itok=15GSOpaa\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/markets%202018-10-23_6-05-16.jpg?itok=15GSOpaa\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/markets%202018-10-23_6-05-16.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/markets%202018-10-23_6-05-16.jpg?itok=15GSOpaa 1x\" alt=\"\" width=\"500\" height=\"288\" data-entity-type=\"file\" data-entity-uuid=\"e1a54a6c-e201-4d33-8084-24304a1aca41\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>An ugly start to European trading pushed world shares towards their lowest level in a year on Tuesday, as negative drivers from Saudi Arabia\u2019s diplomatic isolation to worries about Italy\u2019s finances, trade wars and a slew of ugly earnings piled on the pressure.<\/p>\n<p>Selling escalated from Wall Street into a heavy selloff in Asia before hitting Europe, which was facing a fifth day of uninterrupted declines.<\/p>\n<p>One day after relentless Chinese jawboning sent the Shanghai Composite surging 4.1%, its biggest gain in two years, Chinese stocks resumed their slide as traders overpowered Beijing much to the surprise of professional traders, especially after Beijing announced fresh measures to <strong>ease the funding strains of private companies, <\/strong>as top officials &#8211; including president Xi &#8211; sought to restore confidence in the world\u2019s second-largest economy. The State Council announced it would support bond financing by private firms, and said the central bank will provide funding to facilitate this. It was not enough however, and the Shanghai Composite resumed its slide, dropping 2.3% overnight and reversing more than half of Monday&#8217;s gain, while China&#8217;s CSI300 tumbled 2.7%.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/shcomp%2010.23.jpg?itok=7NFzAUQO\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/shcomp%2010.23.jpg?itok=7NFzAUQO\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/shcomp%2010.23.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/shcomp%2010.23.jpg?itok=7NFzAUQO 1x\" alt=\"\" width=\"500\" height=\"239\" data-entity-type=\"file\" data-entity-uuid=\"d89daab9-6688-4582-83ce-d26700cb3ff1\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>The sudden, sharp moves in Chinese stocks in either direction have made the Shanghai Composite the most volatile world index, as vol spiked to the highest level since March 2016.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/china%20vol%2010.23.jpg?itok=9tAgT3i8\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/china%20vol%2010.23.jpg?itok=9tAgT3i8\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/china%20vol%2010.23.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/china%20vol%2010.23.jpg?itok=9tAgT3i8 1x\" alt=\"\" width=\"500\" height=\"281\" data-entity-type=\"file\" data-entity-uuid=\"d32a337b-394e-40fa-87ca-e5b7435d39f6\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Drowning In A Sea Of Red&#8221;: Global Markets Plunge As European Tech Stocks Crash; Chinese Rout Returns Yesterday morning, Morgan Stanley declared that the &#8220;dead cat bounce is over. One day later, the bank&#8217;s thesis was confirmed with global markets a sea of red on Tuesday, as a violent rout in Asia carried over into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1849,368,7553,4318],"class_list":["post-39597","post","type-post","status-publish","format-standard","hentry","category-economics","tag-financial-markets","tag-global-markets","tag-stock-crash","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39597"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39597\/revisions"}],"predecessor-version":[{"id":39598,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39597\/revisions\/39598"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}