{"id":149034,"date":"2010-01-07T05:21:28","date_gmt":"2010-01-07T10:21:28","guid":{"rendered":"http:\/\/www.businessinsider.com\/shanghai-fall-nearly-2-us-futures-down-2010-1"},"modified":"2010-01-07T05:21:28","modified_gmt":"2010-01-07T10:21:28","slug":"shanghai-fall-nearly-2-us-futures-down","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/149034","title":{"rendered":"Shanghai Fall Nearly 2%, US Futures Down"},"content":{"rendered":"

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Finally, global markets seem to be taking a little bit of a breather, with Asia leading the way.<\/p>\n

Bloomberg<\/a>: The MSCI Asia Pacific Index fell 0.3 percent to 123.68 at 5:20 p.m. in Tokyo. The Shanghai Composite Index lost 1.9 percent as the People’s Bank of China offered 60 billion yuan ($8.8 billion) of bills at a yield of 1.3684 percent. The yen fell after new Japanese Finance Minister Naoto Kan said he would like the currency to fall “a bit more.” Standard & Poor’s 500 futures fell 0.333 percent. The Dow Jones Stoxx 600 slipped 0.5 percent to 256.58. Oil slid 0.6 percent after 10 days of gains.<\/p>\n

Chinese central bankers said yesterday that they would focus on controlling the record expansion in lending and curbing inflation. While growth estimated at 8.5 percent last year led the recovery from the first global recession since World War II, Premier Wen Jiabao said on Dec. 27 that last year’s doubling of new loans had caused property prices to rise “too quickly.” Liu Mingkang, the nation’s top banking regulator, said this week that “structural bubbles threaten to emerge.”<\/p>\n

Of course you shouldn’t take too seriously the stuff about curbing record expansion in lending. Top Chinese bankers say this JUST ABOUT EVERY WEEK and for some reason it’s always treated as news.<\/p>\n

At some point, yes, there must be a slowdown, but it will likely come when it’s least expected — and not directly related to some US directive.<\/p>\n

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