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'Financial carnage' wipes £113bn off FTSE in ten days as China enters bear market

OWON: Now China gets a real dose of Market Crisis as Investors funds tumble and their own savings go South fast. If the masses panic and cash out, what then? China does not have the answer, but if their market goes, Derivatives calls will follow, to Banks who can't bail it. 

When you expose the lies, the whole West dies. That is the scale of endemic mess of the Derivatives gamblers. The Mugs who thought they were safe with an Insured back up, not realising it's a mug policy with No Insurer of Last Resort, No Fairy Godmother, and just a Black Hole waiting to suck them in and decline their parachutes leaving them broke and destitute. Toxic Debt rides again. Tell that to the Chinese public and revolution will follow. Now the Chinese Leadership has to decide, bail or fail.

'Financial carnage' wipes £113bn off FTSE in ten days as China enters bear market

For the second time in seven months, the Shanghai Composite index entered 'bear market' territory, as FTSE suffers its worst new year start ever

The Telegraph
By Tara Cunningham
15 January 2016

Britain’s leading companies surrendered more than £113bn in value in the first 10 trading sessions this year, as another oil-inspired sell-off wreaked havoc on global financial markets.

A lethal cocktail of oil price volatility, China’s controversial circuit breaker and fears of a prolonged global economic slowdown have culminated in a frightful fortnight for the FTSE – its worst new year start in its 31-year history.

The FTSE 100 imploded today, closing at its lowest level in three years – down 114.13points, or 1.93pc, to 5,804.10, with almost £30bn wiped off. The blue chip index has now lost 18.3pc since hitting a high of 7,104 in April.

For the third time this week the price of a barrel of Brent crude dipped below the $30 mark yesterday, triggering a mass sell in China. In its wake the Asian powerhouse tumbled into official bear market territory, defined as any fall of above 20pc from a recent high.

Events in China contaminated global financial markets. In Europe, the Stoxx 600 also entered a bear market, down 20.34pc since hitting a high in April. Meanwhile, the German DAX and the CAC in Paris fell by 2.5pc and 2.4pc, respectively. Wall Street became another scene of imploding stocks when US markets also faltered, with the Dow Jones industrial average opening 2.3pc lower and S&P down 3pc.

David Buik, of Panmure Gordon, suggested the “financial carnage” and “gargantuan pullback” in stock markets in the first two weeks of the year was the “worst since 1928”.

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