Word: shanghais
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...more sensible explanation for the panicked reaction in other markets to the tailspin in Shanghai is that it was simply an excuse to take some money off the table. The Dow Jones industrial average, for example, had recently hit all-time highs, having gone up for five straight years as American corporate profits soared. There hadn't been a single day in nearly four years in which U.S. stocks had fallen even 2%, an unusually long absence of volatility. Likewise, global markets from India to Singapore to Russia had been on a historic tear. Against this backdrop, China's sudden...
...certainly no coincidence that this week's outbreak of market jitters came on the heels of some disquieting economic data. On the same day that Shanghai stumbled, the U.S. Commerce Department reported that orders of durable goods in America-a key indicator of economic health-had fallen sharply in January. That followed an unnerving speech by someone many consider the great economic forecaster of our era, former Federal Reserve Chairman Alan Greenspan. On Feb. 26, he warned in a speech that investors couldn't rule out the possibility of a U.S. recession in 2007, noting that corporate profit margins "have...
...called the Kirk Report, in all but one Year of the Pig since 1935, both the Dow Jones industrial average and the S&P 500 have gone up-usually sharply. Of course, it's true that the past doesn't necessarily predict the future; then again, neither does the Shanghai stock market...
...more important to the two countries than their painful history. The 2005 Japanese textbook controversy ignited long-smoldering resentment in China; that spring, tens of thousands of Chinese took to the streets as mobs burned Japanese flags, overturned Japanese-made cars and threw rocks at Japan's consulate in Shanghai. Part of that animosity can be attributed to historical myopia on the Chinese side: mainland textbooks omit anything that casts the Communist Party in a bad light, glossing over, for example, the horror of the Cultural Revolution. Japan's wartime atrocity thus stands out starkly as the great injustice...
...looking for an explanation of the wild behavior of financial markets in recent days, this failure to get a grip on risk is as good a one as any. Many analysts attributed the mini-panic that began in Shanghai to a sudden change in investor "risk appetite." But why now? What suddenly made everybody see the future as riskier...