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  • Editor’s Picks / 16 July 2015 at 12:02 GMT

    China crash 'bigger than subprime': Singer

    Bloomberg
    Hedge fund manager Paul Singer says that the margin-fueled collapse in China's mainland equity indices is bigger than the subprime mortgage crisis of 2007/8. Speaking live at a CNBC-hosted conference in New York, the Elliott Management founder implied that the Chinese stock correction will likely impact other markets but may not cause a worldwide conflagration. Singer's comments echo those of other prominent fund managers such as Pershing Square's Bill Ackman who told conference attendees that “the Chinese stock market is a fairly remarkable phenomenon and I think kind of a frightening one". The Shanghai Composite closed at 3,823.45 today, up 0.46% but well down from its July 6 high of 5,166.
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