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Why China's sharemarket surge is too powerful to ignore

Why China's sharemarket surge is too powerful to ignore

 

China's sharemarket is on fire. The Shanghai Stock Market Index is up 20 per cent just this month, 30 per cent for the year and almost 100 per cent over 12 months. This week it's been the turn of Hong Kong's large cap index which surged 10 per cent. This is a bull market of such scale and veracity that is impossible to ignore given the sheer numbers involved.

On Friday, $US250 billion of Chinese stocks changed hands, which represented more than the combined volume in US equity markets. And as if to celebrate the giddy rise, a stockbroker, GF Securities, floated itself on the Hong Stock Exchange and duly surged 42 per cent. The fund managers who got allocations enjoyed a massive payday based entirely on Chinese sharemarket hubris.

But the frenzy that is the state of the Chinese sharemarket naturally has Western investors scoffing that the epic flow of 'dumb' money into Chinese stocks is at odds with fundamentals and is fuelling a speculative bubble. And they have a point. There's real evidence to show that the new wave of investors in Chinese stocks, on paper, is not that smart. A well-circulated Bloomberg briefs graphic breaking down the level of education attained shows that investors piling into the market today have on aggregate a lower level of education than the previous vintage of speculators. The number of punters with a high school degree or less now accounts for more than half of new investors, compared with 26 per cent of existing investors

Why China's sharemarket surge is too powerful to ignore
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European stocks climbed to a new record, marking their latest advance in a blistering 2015 rally. The Stoxx Europe 600 index gained 4.49 points, or 1.1%, Thursday to close at 409.15, surpassing the previous peak of 405.50 reached at the height of the dot-com boom in March 2000.

Investment columnist, Mark Hulbert has been tracking the advice of more than 160 financial newsletters since 1980. Today on MarketWatch he advises top-ranked investors get a head start on summer weakness. EXANTE offers the ability to buy or sell a basket of securities with one click, allowing you to get a step above.

The crew line up for the RC44 Valletta Cup which began this morning reads like a who's who of sailing greats and top international businessmen, guaranteeing that it will be a highly competitive fleet racing right in the heart of the Mediterranean. EXANTE are proud to be invited partners to this exclusive event on the sailing calender.

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