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The Chinese Stock Market dropped 7% just an hour after opening, and the ripple effects are starting to be seen worldwide as markets open"
The benchmark S&P/ASX 200 and the All Ordinaries indices fell more than 2.4 per cent within the first 20 minutes of trade today.
CommSec chief economist Craig James said that despite the uncertainty on global markets, the US and Australian economies remained in good shape.
He also believed worries about Greece and China were over-rated.
"At present, we would view the global sharemarket correction as a correction we had to have - a situation that will be beneficial in injecting more value into markets," Mr James said.
Via
Reddit
5 comments:
So when do I get to fill up with a buck fifty gas?
That 0.0001% return on a savings account is looking pretty good today.
As far as the money stuffed under my mattress, I hardly noticed the lumps last night.
I was hoping this wouldn't wait for Feb '17.
The Dow dropped 588 today, making a total of 1118 points in 2 days and about 2500 in 2 months.
The Demos will have such fun in '16 explaining the Iran deal, the worst race relations since Plessy v Ferguson, the mess in the Middle East, 37% unemployment, and now a second market crash that can be laid at their feet.
Can't wait to hear Joe tell us again how FDR went on TV after the markets crashed in '29 to tell everybody he was going to institute the New Deal first thing in the morning.
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