Shanghai gives PBOC the bird

Monday, 29 June 2015

As the day wears on Chinese stocks are throwing in the towel. The SSE is now down 4%:

If support around 4100 goes then it’s all over bar the shouting though we could set up for a head and shoulders top first.

Leading the way is Chinext, down another 8% today:

No supports in sight!

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.