{"id":182059,"date":"2016-01-06T19:35:00","date_gmt":"2016-01-07T00:35:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2016\/01\/06\/bad-day-at-the-big-casino\/"},"modified":"2016-01-06T19:35:00","modified_gmt":"2016-01-07T00:35:00","slug":"bad-day-at-the-big-casino","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2016\/01\/06\/bad-day-at-the-big-casino\/","title":{"rendered":"Bad Day at the Big Casino"},"content":{"rendered":"<p><a href=\"http:\/\/i.imgur.com\/S7IgEme.jpg\" rel=\"lytebox\"><img decoding=\"async\" src=\"http:\/\/i.imgur.com\/S7IgEme.jpg\" style=\"cursor: pointer; float: right; margin: 0px 0px 10px 10px;\" width=\"250\" \/><\/a>In China, they <a href=\"http:\/\/www.reuters.com\/article\/us-china-yuan-midpoint-idUSKBN0UL07Z20160107\">had to halt trading on the exchanges following a massive selloff<\/a>, with oil hitting a 7 year low and the Dow dropping by almost 1\u00bd%:<\/p>\n<blockquote><p><span style=\"color: blue;\">China accelerated the devaluation of the yuan on Thursday, sending currencies across the region reeling and domestic stock markets tumbling, as investors feared the Asian giant was kicking off a virtual trade war against its competitors.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">Trading on China&#8217;s stock markets were suspended for the rest of the day, for the second time this week, as a new circuit-breaking mechanism was tripped less than half an hour after the open.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">The People&#8217;s Bank of China again surprised markets by setting the official midpoint rate on the currency at 6.5646 yuan per dollar, the lowest since March 2011.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">That was 0.5 percent weaker than the day before and the biggest daily drop since last August, when an abrupt near 2 percent devaluation of the currency also roiled markets.<\/span><\/p><\/blockquote>\n<p>And:<\/p>\n<blockquote><\/blockquote>\n<blockquote><p><span style=\"color: blue;\">Wall Street experienced another mini panic attack on Wednesday after North Korea claimed to <a href=\"http:\/\/www.cnn.com\/2016\/01\/06\/asia\/north-korea-hydrogen-bomb-test\/index.html?iid=EL\">successfully test a hydrogen bomb<\/a>. The markets were already being <a href=\"http:\/\/money.cnn.com\/2016\/01\/04\/investing\/china-biggest-threat-to-us-stocks\/index.html?iid=EL\">spooked by the financial and economic turbulence out of China<\/a> and the latest <a href=\"http:\/\/money.cnn.com\/2016\/01\/06\/investing\/oil-prices-china-dollar-opec\/index.html?iid=EL\">plunge in oil prices<\/a> below $34 a barrel. <\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">The <a href=\"http:\/\/money.cnn.com\/data\/markets\/dow\/?iid=EL\">Dow<\/a> dropped 252 points, closing below 17,000 for the first time since mid-October. The <a href=\"http:\/\/money.cnn.com\/data\/markets\/sandp\/?iid=EL\">S&amp;P 500<\/a> fell 1.3% and the <a href=\"http:\/\/money.cnn.com\/data\/markets\/nasdaq\/?iid=EL\">Nasdaq<\/a> lost 1.1%. <\/span><br \/><span style=\"color: blue;\"><br \/><\/span> <span style=\"color: blue;\">It marks the Dow&#8217;s worst start to a trading year through three days since 2008. The index also <a href=\"http:\/\/money.cnn.com\/2016\/01\/04\/investing\/stocks-markets-dow-china\/index.html?iid=EL\">fell 276 points on Monday<\/a> due to worries about China. <\/span><\/p><\/blockquote>\n<p>If the economy and the markets continue in this direction, get used to saying President Trump.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In China, they had to halt trading on the exchanges following a massive selloff, with oil hitting a 7 year low and the Dow dropping by almost 1\u00bd%: China accelerated the devaluation of the yuan on Thursday, sending currencies across the region reeling and domestic stock markets tumbling, as investors feared the Asian giant was &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1136,1170,973,1004],"tags":[],"class_list":["post-182059","post","type-post","status-publish","format-standard","hentry","category-breaking-news","category-china","category-economy","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/182059"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=182059"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/182059\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=182059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=182059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=182059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}