With the exception of 1987 and the April 2000 tech wreck, every time the Australian market has had one of those days represented on the front pages of newspapers as a “crash”, it has come sprinting back the following morning. And today’s 6% surge in the All Ords is a classic of the genre, writes Stephen Mayne.
Irrational exuberance
Meet PetroChina, the face of China’s share bubble
After it listed in Shanghai on 5 November, PetroChina became the world’s first trillion dollar company (after its shares listed at a 163 percent premium). Unfortunately, the glory didn’t last too long, writes Adam Schwab.
The Fed bails out the fat and the dodgy. And Wall Street
Excuse me for being cynical, but the US Fed’s 0.50% cut on the button overnight was nothing but a bail out of Wall Street urges, dodgy London and European financiers and fat complacent Australian banks, writes Glenn Dyer.
