Hong Kong reported the most important economic data point of the day, with a GDP report that slowed to +4.2% for Q2 of 2008, down sharply from Q1's year over year growth rate of +7.3%.
I have attached a chart of the meltdown in the Hang Seng Index, which has dropped -33% now from its October 2007 highs.
Today the Hang Seng led Asian equity markets lower, closing down another -1.1% at 21,160. Next level of support is 20,857.
Until this picture improves, fundamentally or quantitatively, there is absolutely no reason to buy into the notion that the worst of the global growth slowdown is behind us. This remains a fluid situation that I am monitoring very closely.
KM
I have attached a chart of the meltdown in the Hang Seng Index, which has dropped -33% now from its October 2007 highs.
Today the Hang Seng led Asian equity markets lower, closing down another -1.1% at 21,160. Next level of support is 20,857.
Until this picture improves, fundamentally or quantitatively, there is absolutely no reason to buy into the notion that the worst of the global growth slowdown is behind us. This remains a fluid situation that I am monitoring very closely.
KM
- Hang Sang's Collapse
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Chart courtesy of StockCharts.com