Fun times are always fleeting.
Consider Samsung S6 Edge. It came at a time when the Hong Kong and China equity markets were booming.
Four months later, just as S6 Edge Plus was launched on Friday, Hong Kong has turned into a bear market, with the Hang Seng Index heading for its six straight day of decline.
Definitely, summer is no fun in the face of a 20 percent correction in the stock market.
Investors seem to have developed a deep conviction that each stabilization effort that the Chinese government launches must be taken as a sell signal. And the hits just keep coming.
On Thursday, the yuan devaluation unexpectedly triggered a more than 20 percent drop in the tenge, the currency of Kazakhstan, a Central Asian country noted for its oil exports and a teenage volleyball bombshell.
The 17-year-old Altynbekova Sabina appeared in some financial pages on Friday in an obvious attempt to boost circulation and, also, to bring good luck to the market.
Why is this so? There’s a belief held by some superstitious folks that a businessman appearing in the entertainment pages of a newspaper is inauspicious for business, while a celebrity featured in the business page generates good luck.
Flipping through the financial pages, I tried to look for a bright spot and managed to come up with one: gold. The price of gold was up near US$50 per ounce this week.
Such news could bring a little smile to the faces of Chinese damas who have accumulated this alternative investment asset years ago.
Now, amid growing pressures from deflation and devaluation, many investors are joining these middle-aged belles in rushing to the safe haven.
Everyone is hoping that the damas’ shopping spree for the precious metal will resume after summer and produce a Viagra effect on the local economy.
Speaking of Viagra, we are glad to know that Addyi (generic name: flibanserin), dubbed “the female Viagra”, will debut next month.
The news brought a bit of excitement to a world dominated by male sexual performance-enhancing drugs.
Market reception for Addyi should be positive in many countries, with the exception of Hong Kong, where, according to a survey, two-thirds of the couples have sex fewer than four times a month, compared with the global average of eight times a month.
Oh well, we can always find some fun in other things. But sadly, don’t look for it in the Hong Kong and China markets.
– Contact us at [email protected]