Zero Hedge: Yuan Crashes To Record Lows, Stocks Tank As Chinese Megacap Delistings Loom
The Nasdaq slumped to session lows...
... shortly before 9am, prompting questions if there was some angry Trump tweet that nobody had noticed (no, there wasn't... yet).
But while there was no official headline to prompt the selling, the reason for the move appears to be a report in the Journal according to which two of China’s most valuable U.S.-listed megacap companies "are pushing ahead with multibillion-dollar share sales in Hong Kong, amid growing pressure from U.S. lawmakers on Chinese companies to disclose their financial information or delist."
Read more ....
WNU Editor: I have always told people to be very wary when it comes to investing in Chinese companies. They are rarely transparent on their financial situation, and I have learned over the years to never trust their balance sheets. Having said that, I can understand why Chinese companies are resisting U.S. plans to disclose their financial information or be delisted. It would reveal how they handle their (or more to the point mishandle) their money.
Update: The prospect of delisting Chinese companies is a big story with global repercussions. Unfortunately, the following is what is the big story today on U.S. financial economy/business news channels .... CNBC Scandal: Watch As Raging Screamfest Erupts Between Kernen, Sorkin Over Coronavirus (Zero Hedge).
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