Shanghai falls on nose, hits lows in the face of woes

“Thank God it’s Friday” think traders across the West as, following a long period of Yuan-chucking at the Shanghai composite by the PBOC , overnight the index fell a whopping 5.5%.

It is a very odd world in which lacklustre US market performances towards the day’s end yesterday get blamed on ‘China Woes’ – a delightfully all-encompassing descriptor that one – and then because there were New York Worries about Woes, the Woes  ran the  Shanghai ragged in a prophetically self-fulfilling manner….the SSE of course (as we were asked to believe during September’s nasty wobble) having nothing to do with the West anyway. The West has no Woes: it is a Woe-free zone. It’s been having Whoas all over the place, but that’s different. We’re just giving the horse a rest – after which it will be all gallop and none of that “Whoa!” stuff.

I don’t know who writes the plots of Neosoap, but the continuity is, um, woeful. One day it’s a global village, and the next it’s East is East and West is West.

Very little is known about the Woes, but clearly they represent the real power behind the Beijing politburo. I believe there is an old Chinese proverb that says, “Woes at the Close scare all politburos”. Either way, they’re in the ascendancy today, and that’s bad – especially as we don’t know how many Woes there are.

They’re obviously fecund, as their rate of multiplication is frightening. Last year there were just the  Banking Woes and Local Party Corruption Woes, but now there are the Property Woes, Export Woes, Slowdown Woes and Capital Flight Woes. A sort of Woes by every other name.

But say what you like, there are no Woes that can live with Greek Woes:

greekneg271115

Even Netanyahu’s popularity rating in Tehran is higher than that one, but the striking thing about the lovely Irene’s negative numbers among those with the job of doing the consuming (albeit with no money) are just how bizarrely at variance they are with those among the business community:

greeknegbizz271115

This probably comes under the heading of a triumph of cunning over reality: “We got all this stuff in the warehouse, so we better sound confident or nobody in retail is going to place any orders”.

Slog’s Law States:

‘The denial of everything negative about anything (and vice versa) will continue until such time as those in a coma awake from their phantasma and reject the enigma of karma being promoted by dogma. In the meantime, the stigma of creating drama by the use of this syntagma will dissuade most observers (including Obama) from seeing the awful panorama for the aggressive melanoma it really is’.

Discuss.

Yesterday at The Slog: The Carry On farce of Camerlot foreign policy

6 thoughts on “Shanghai falls on nose, hits lows in the face of woes

  1. For short-term day traders, the truth is not a commodity that matters, what matters is what the traders think matters. If they think they’d like a dip to push their options into the money, they’ll say whatever they think will achieve that. By Monday morning, if they had a good Jereboam of champers in the presence of a horny damsel and put the world to rights between the sheets on Friday and Saturday, all will be well again on the markets.

    Unless some multibillionaire says that it won’t be……

    Like

  2. O/T I couldn’t help but snigger at the defenistration of that odious squirming turd Schapps. Couldn’t happen to anyone more deserving.

    Like

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