Global Banking Collapse in Focus Chinese Equities Tencent $TME Chart

 Yesterday I touched on the collapse of the 2nd largest real estate developer in China, Evergrande calling it "China's Lehman Bros. moment".

According to a recent business insider article: "Evergrande was 300 billion in debt, the most out of any company in the world". businessinsider.com

 That's enough to cover the entire debts of Vietnam ($144 billion), the Philippines ($118 billion), Cambodia ($22.4 billion), Laos ($10.2 billion) combined.

Out of Singapore China 

China’s property crisis hits new low with Evergrande delisting thestraightstimes.com

PHOTO: REUTERS

  "Evergrande’s downfall is by far the biggest in a crisis that dragged down China’s economic growth and spurred a record of distressed builders."

•  Evergrande's debt is HK$350 billion, with liquidators deeming a holistic restructuring "out of reach"; asset realization has been "modest" at US$255 million.

Anyone who was following the Evergrande story back in 2021, when Evertgrande defaulted on their debt, remembers what a big deal it was, and what it did to Chinese equities

KWEB  (China Internet) destroyed in 2021

 

So why is there practically no coverage of what's going on in China today?    

I find it hilarious that the western media attempts to downplay Evergrande's collapse as an "awkward moment", and as I tweeted several times yesterday, the financial TV news has opted to avoid drawing any attention to the event at all. 

It was not listed as a top story by either CNBC, or Bloomberg. 

I watch a lot of financial news, and I didn't see it mentioned even once, In fact, CNBC Fast Money just last night was telling uninformed investors to invest in China, specifically $KWEB, and Tencent!  

I'm going to assume these people are compromised, and just doing what they're told. 

We all know what happened to pot stocks after they set the snare.  

$TME (Tencent) takes out my primary wave "(5)" target 

 

Tell the retail investor everything is fine. "All is well", and laugh all the way to the bank....   

Financial Collapse in Focus 

Back to the collapse of Evergrand and the possible contagion (fallout). 

The powers that be must be scared shitless, and the last time I can remember anything like this was when they failed to report on the Covid outbreak, as government insiders were allowed to quietly exit the market. 

 $DJUSFN US Financials mostly Banks - another sector CNBC (insiders) constantly recommend.... 

 

 Without giving away any downside targets, the chart shows several false breakouts, followed by a back-test of resistance. Tomorrow is august OPEX, so perhaps it continues to trade UNCH going into weekend, just as US equities did before Covid was reported (the Monday after Feb. 2020, OPEX)   

China to Offer Subsidized Personal Loans to Get People to Spend More breitbart.com  

 Perhaps this latest ditch effort will be enough to keep global markets from collapsing outright, but time will tell. 

In the meantime take care, AA  

 

 

 

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