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发表于 2010-8-4 09:01 AM
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An interesting explanation of today's dive from bloomberg ...
U.S. Stocks Pare Gains Amid Concern Over China Bank Stress Tests
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By Michael P. Regan
Aug. 4 (Bloomberg) -- U.S. stocks pared gains amid concern that China’s banking regulators are bracing for home-price declines of as much as 60 percent.
The Standard & Poor’s 500 Index was little changed at 1,120.61 at 10:25 a.m. in New York after rallying as much as 0.7 percent. The Dow Jones Industrial Average rose 5 points, or 0.1 percent, to 10,641.38, wiping out most of a 67-point advance.
China’s banking regulator told lenders last month to conduct a new round of stress tests to gauge the impact of residential property prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said.
Banks were instructed to include worst-case scenarios of prices dropping 50 percent to 60 percent in cities where they have risen excessively, the person said, declining to be identified because the regulator’s requirement hasn’t been publicly announced. Previous stress tests carried out in the past year assumed home-price declines of as much as 30 percent.
Earlier gains in stocks came after reports from ADP Employer Services and the Institute for Supply Management showed faster-than-estimated growth in private payrolls and U.S. service industries.
Last Updated: August 4, 2010 10:27 EDT |
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狗仔卡
发表于 2010-8-4 08:53 AM
