Hong Kong seems obsessed by stock market these days, and speculators are driving the market to perform wild swings, up 2.3% today, the highest increase in five years, following a pullback from an all time high of over 20,000. There are photos in the papers of traders grinning innanely and giving the thumbs-up sign, and reports that some H shares are trading at 'merely' 90 times earnings wheras the mainland A shares are trading significantly higher. Eveyone seems to be buying stock. I'm not sure how long this will go on.
Talking of bubbles, the housing market in the UK has managed to keep on stumbling along quite well, but with the BOE still raising rates and the culture of debt which permeates the UK, I can only imagine that a big correction is on the way.
http://www.parkerchris.pwp.blueyonder.co.uk/vocationvocationvocation.html
Monday, January 15, 2007
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