More volume buying this morning..
Won't get mine till tomorrow..
You spoke too soon..LOL It does look like most of the sellers have sold..Volume is average which isn't bad with a 200+ point drop..
HONG KONG — Acting a day after the Shanghai and Shenzhen stock markets plunged more than 7 percent, China’s central bank cut interest rates on Saturday and reduced the reserves that certain banks must hold.
The two measures send a signal that the government may not be eager to see an abrupt end to a stock market rally that has seen prices more than double in the last 12 months. The rally has been underpinned by speculative trading heavily financed with borrowed money. Young, often poorly educated investors have been betting on further appreciation even as business managers, with more information on the true health of their companies, have reportedly been selling heavily.
“We think today’s move is mainly driven by the government desire to support a bull market,” Lan Shen and Shuang Ding, two economists at Standard Chartered, said in a statement on Saturday evening.
Keeping the stock market buoyant, through measures like the interest rate cut, could help the Chinese government sell part of its stakes in government-owned enterprises that have incurred huge debts.
Previous sharp drops in the stock markets this year have been quickly countered by optimistic statements in state-controlled media. But Saturday’s moves, which included the fourth reduction in interest rates since last November, were unusual in so closely following a stock market nose-dive.
Yet both monetary policy moves on Saturday were carefully calibrated to limit their effect. China’s economy has already begun to stabilize in recent weeks, and the People’s Bank of China, the country’s central bank, has been concerned that it not feed another round of speculative lending and borrowing.
The People’s Bank cut interest rates by only a quarter of a percent, to 4.85 percent for one-year bank loans, and to 2 percent for one-year bank deposits. The central bank also told banks that specialize in agricultural loans and loans to smaller businesses that they could hold slightly smaller reserves against their deposits, freeing them to lend more.
But the central bank pointedly did not reduce the reserve requirement ratio for large banks, which represent more than half of the country’s financial system.
The lower ratio and the reduced interest rates were to take effect on Sunday.
Economic measures like monthly surveys of corporate purchasing managers show that the Chinese economy remains fairly weak but is no longer deteriorating. A slide in housing prices that began in the spring of last year appears to have leveled off and even reversed in some cities.
“The recent data that we had was definitely not good,” Louis Kuijs, the chief economist for greater China at the Royal Bank of Scotland, said in a recent interview. “But it wasn’t a disaster.”
Chief Executive Fernando Chui Sai On said on Thursday he was confident about his government’s decision to invest part of Macau’s financial reserves in major infrastructure projects in Guangdong.
Chui made the upbeat remark at a press conference after the one-day 2015 Macau-Guangdong Joint Co-operation Conference in Jiangmen city on Thursday. Secretary for Economy and Finance Lionel Leong Vai Tac and Secretary for Transport and Public Works Raimundo do Rosario also attended the meeting.
The governments of both sides signed eight agreements after the meeting, including a framework agreement for Macau’s investment in Guangdong’s infrastructure projects. The other agreements cover a wide range of areas such as yacht travel, weather forecasts and social security for workers from either side.
Chui said the local government did not have a concrete plan for the investments yet, apart from its decision to invest in major infrastructure projects in Guangdong, adding there would be more information once Leong had consulted the relevant entities in Guangdong. Chui said he was confident about the rates of return. He did not say how much of Macau’s financial reserves his government plans to invest in Guangdong.
According to a TDM report last week, the government’s financial reserves stood at 350 billion patacas at the end of last month.
Meanwhile, Guangdong Governor Zhu Xiaodan said his government would continue supporting Macau’s young entrepreneurs, such as by backing the setting-up of the Hengqin Entrepreneurship Valley for Macau Youth and encouraging further exchanges between young professionals from the two sides. But it won't matter today because Greece is being kicked in the groin..Give it a day or two and then buy..
Problem is he may have ties to LVS..LOL The squeeze is on..Probably has ties with all of them..See if he goes to SA for help..
Hong Kong police charged a prominent figure in Macau's casino junket industry with laundering 1.8 billion Hong Kong dollars ($231 million) through bank accounts in the southern Chinese city.
Cheung Chi-tai is facing three separate counts of money laundering, according to a charge sheet provided Friday by authorities.
The businessman was a major investor in publicly traded Macau junket operator Neptune Group. Police in Hong Kong, an hour's ferry ride from Macau, have been investigating him since November, when they were granted a court order freezing his assets under the Organized and Serious Crimes Ordinance.
Cheung has been dogged by allegations of ties to Chinese organized criminal gangs, known as triads.
The 54-year-old was named as one of nine top lieutenants of the Wo Hop To triad in a 1992 U.S. Senate subcommittee report on Asian organized crime. In a 2011 Hong Kong court case, a witness identified him as a triad leader who ordered a subordinate to kill a Sands Macau casino dealer. He's never been charged with any related crimes.
Junkets are middlemen that arrange for wealthy mainland Chinese gamblers to travel to Macau, lend them money to gamble and then collect any debts when they return home. However, because casino debts are unenforceable on the mainland, there are suspicions that some junket operators work with organized crime to collect debts.
In a 2013 Hong Kong money laundering trial involving Cheung's former business associate Carson Yeung, Cheung was named as one of the main shareholders of Neptune Group. Yeung, the former owner of Birmingham City Football Club, said Cheung invited him to invest in the company and its associated VIP gambling rooms.
Hong Kong stock exchange filings show Cheung, through his private holding company Jumbo Boom, owned as much as 12.9 percent of Neptune in 2007 but had sold off his stake by September 2008.
Macau, a former Portuguese colony that's now a specially administered Chinese region, is the only place in China where casinos are legal. The enclave's economy has boomed over the past decade after authorities opened up the market to outside operators such as Las Vegas Sands Corp. and Wynn Resorts. But casino revenues are slumping and junket operators are coming under increasing scrutiny amid a corruption crackdown by Chinese President Xi Jinping.
According to the charge sheet, Cheung faces three counts of "dealing with property known or believed to represent proceeds of an indictable offence," which carries a maximum penalty of 14 years in prison.
He was released on HK$200,000 bail and is due back in court in September.
Starting to think this is a political slam on China..Hang in there..Lower positions..Storms pass..
The Economist Intelligent Unit has increased its forecast of the contraction of Macau’s economy this year to 24 percent from 6 percent.
But the economic monitor has increased its forecast of growth in gross domestic product next year to 6.7 percent from 5.3 percent.
Its latest report on Macau predicts that gaming revenue in the city’s casinos will begin rising in the last few months of this year – although not at rates as fast as those seen before the gaming slump.
That is short term trading Fred..Glad you made some money..I do it from time to time..Daytraders just play for the minutes of the day...They are usually in at open and out before the end of the day with possibly as many as 10 trades in a day.