Word: shanghaiing
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...That made headlines around the world. The next day prices on the sizzling Shanghai stock exchange-which lots of people had warned was overpriced-fell 8.8%. Stock prices began dropping in Europe, then in the U.S. There was a perfectly rational pattern to the way prices tumbled: emerging-market stock prices fell more than those in developing countries. Small stocks lost more value than big stocks. Junk-bond prices fell while Treasury bonds rose. But why then...
Chen Jing was one of the lucky ones. The 56-year-old retiree, who lives in Shanghai, dabbles a bit in local stocks, exchanging investment tips with what she calls her "mah-jongg friends," a group that gets together each week to play and chat. Just before the Chinese New Year holiday last month, one of her friends spoke ominously of rumors that China's government was planning a crackdown on stock speculation, including a possible tax on capital gains. Over the past 18 months, Chen's small portfolio had almost doubled in value as the Shanghai market shot straight...
...Roller-coaster rides are not unusual for China's stock markets, which sometimes resemble a casino in Macau. What happened next, however, was decidedly unusual. Investors in New York's equity markets woke up, saw that Shanghai had tanked, and had a collective heart attack: they sent the Dow Jones industrial average down more than 400 points, its biggest single-day drop since Sept. 17, 2001-the first trading session after the terrorist attacks of 9/11. The drop in New York, in turn, fueled fear in markets across Asia the following day, and suddenly investors were seized by visions...
...reaction to China's market swoon was overwrought, and that this is not a replay of 1997. Rarely, if ever, has the global economy been stronger than it is now-one reason why so many stock markets have been so healthy for so long. If anything, what the Shanghai shock provided was a reason for investors-finally-to get real: relentlessly rising stock prices virtually everywhere had dulled their sense of risk to the point where "anything-somebody sneezing-could have triggered this," says Sean Darby, head of regional strategy at Nomura International in Hong Kong. "We've ignored risk...
...risen 11% in just six trading sessions, having already soared an astonishing 130% last year. It was about time for a sharp reminder that what goes up occasionally comes down. That said, many China bulls were soon back in the game: on Feb. 28, much to the doomsayers' surprise, Shanghai's main stock index jumped nearly...