As far as equities are concerned it is mostly if not all about China. The huge bubble in their paper assets is deflating, in a nutshell as the reality of SIX PERCENT growth and a change to a domestic, rather than an export dominated, economy continues. So it is not so much about 'slowing growth' as it is the gross mispricing of risk. In this we have no room to talk. We are seeing that in our own market, as risk begins to converge with reality. Eyes will be open on their markets tonight as they attempt to allow their markets to proceed more than thirty minutes to allow some of the panic being felt by retail investors to be relieved. Let's see what happens. Have a pleasant evening.
