HAPPY BLACK FRIDAY: CHINA CRASHES 5.48%

Everyone is going to burn in hell. China dry cleaned their markets and the clothing got fucked up.

China’s securities regulator has urged domestic brokerages to cease financing clients’ stocks purchases through swaps and other over-the-counter contracts, two sources with direct knowledge told Reuters, its latest move to reduce leveraged financing risk in its stock markets after a summer plunge.
“After rebounding over 20 percent from its bottom, you need fresh capital to maintain the upward momentum (in Chinese stocks), but recent government measures to deleverage have sparked fears,” said Zhou Lin, analyst at Huatai Securities.
“In addition, I don’t see signs that the economy has bottomed out.”

Further weighing on sentiment was data on Friday showing that profits earned by Chinese industrial companies fell 4.6 percent in October, declining for the fifth consecutive month.
The Chinese yuan also came under pressure, weakening to its lowest level in almost three months as investors braced for a decision on Monday by the International Monetary Fund on whether to include the currency in its reserve basket.

You see the news and I can mull over it with you; but it’s all bullshit. China is a giant steaming pile of horseshit on the side of the road. I anticipate complete and utter ruin in the Chinese streets, vagabonds running wild selling dry noodles to tourists who don’t know any better.

US and European futures are slightly lower, effectively erecting a giant middle finger to the orient.