Korea Stock Market Crashes By Over 8% Due to U.S. Recession Fears
Hopefully no one was too heavily invested in the South Korea stock market because it just lost 8%:
South Korean stocks tumbled by the most on record to a near nine-month low Monday amid intensifying fears over a U.S. economic slowdown, with big tech coming under heavy selling. The Korean won fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) plummeted a record 234.64 points, or 8.77 percent, to close at 2,441.55, after dipping to as low as 2,273.97 at one point, following a 3.65 percent loss the previous session.
It is the lowest closing price since Nov. 14, when the index finished at 2,433.25.
Trade volume was heavy at 749.3 million shares worth 18.4 trillion won (US$13.4 billion), with decliners sharply outnumbering gainers 919 to 10.
Foreign investors dumped a net 1.5 trillion won worth of stocks to spearhead the record-breaking crash. Institutions also sold a net 273.6 billion won, while individuals purchased a net 1.7 trillion won.
The stock market was halted for 20 minutes during midday trading for the first time in four years, due to the sharp decline.
The bourse operator issued a circuit breaker at 2:14 p.m. to halt trading for 20 minutes as the KOSPI fell more than 8 percent for more than one minute at that time.
You can read more at the link.
Biden/Harris economics baby!!!!
Start of a new greater depression. https://www.cnbc.com/2024/08/04/stock-market-today-live-updates.html
Contagion from Japan is sweeping the world.
The Fed is trying to prop up the US market, as the election is coming and nobody want to give Republicans any talking points.
It might not work.
Remeber:
Plan A: Create a unified government/media/celebrity effort to talk smack about Trump while reminding everyone that Joe is Sharp as a Tack… didn’t work because Trump is on point with good values and Joe is clearly not in charge of the insanity his party is promoting
Plan B: Killing Trump… that didn’t work and it would be even more sus if it happened again
Plan C: Promote some sort of racially ambigious ho and yell racism/sexism/skankophobia at anybody who questions her record… if you believe polls designed to shape opinion rather than report it, it is working wonderfully… but it isn’t really… and, unlike with Hillary, important democrats probably don’t believe their own lies this time.
Plan D: Cheat, cheat, cheat… just like 2020, which was clear to anyone with an understanding of statistics… but most people have no understanding… so, “But the teevee said Biden won.” Many liberal states and courts are keeping the avenues for cheating open, but there are a lot of people watching this time and, likely, some traps have been set. The Democrats will have to be so careful, they likely can’t get the votes they need without being noticed.
Plan E: Accept Trump’s win and burn America down. Block his solutions, slow walk the ones that get through, and sabotage everything. Blame Trump and Republicans.
Will it work? That depends on where we are in history.
Will Trump’s second presidency be closer to Carter, unable to solve 70s problems with 30s solutions as he flounders with once-successful 1980s solutions for new 2020s problems?
Or will it be closer to Reagan, solving the problems of a previous disasterous presidency with his own style?
For any chance of success, he will need to overcome the Deep State and guide the Administrative State to get out of his way, likely through some horrible concessions that satisfy their goals (most of which revolve around acquiring power, resources, and security).
Whatever the case, it is almost for certain there are rough economic times ahead for the next 2 years, at least.
Good luck.
But you don’t need it.
If you aren’t a global warming vaxtard, you are likely somewhat prepared (for life in general).
If you are just another tool, you are going to get used (even more).
CH,
You really need to get back on your meds. Or get off the booze. You’re losing it.
Clearly, the other Stephen.
As any fule no, personal attacks are not part of Korean culture.
Exception made for public figures such as Jayweird Vance and Trumpelstiltskin.
In general I am suspect of crypto currency peddlers.
But that doesn’t mean they are always wrong.
Hope he is wrong here.
https://x.com/cryptomanran/status/1819250227318001779
“This is the most important chart in the world today.
It’s the chart of the Japanese Yen vs the USD.
Why is it so important?
1. For 30 years Japan has 0% interest on their currency.
2. As a result for 30 years investor borrowed YEN at no cost and invested it globally. They invested in T-Bills abroad and a basket of risk assets including the Nasdaq.
3. For the first time in many year the BOJ increased interest rates this week by 0.25%. This was almost unprecedented.
4. As a result of the increased interest rates and the signal to the market, investors are now concerned that the money they borrowed for free is no longer free and therefore they are unwinding their trades and sending the funds back to Japan.
5. The estimated quantum of this trade is over $4 trln!!
The only question that remains is how aggresive they will be but for now YOU MUST KEEP YOUR EYES ON THIS CHART! If it keeps strengthening risk assets are going to get murdered!!”
We still have a massive influx of 401k money into the market, on a steady basis (since no one has pensions anymore). But boomers are pulling funds out too.
Liz, the Administrative State is doing everything it can to keep people afloat through the election.
“Under new IRS rules, Americans can now withdraw up to $1,000 from their 401(k)s without any penalties if the money is needed to cover a financial emergency. Acceptable reasons for a withdrawal include medical care, funeral expenses, auto repairs or “any other necessary emergency personal expenses.”
There are all sorts of little things going on designed to delay what is coming until after the election or inauguration.
#KamalaCrash is beginning to be a thing on Twitter…
Imagine that…
How is he wrong? It’s called the Yen-Carry-Trade. All of your stupid stock markets turned out to be free borrowed money from Japan.