WTF?

This evening's ASR report sums it up:

The most interesting feature of today was this region's complete indifference to what happened in China.

For those who have not yet heard, the Chinese market fell 8.3% today, closing almost at the lows for the day. This is it’s biggest one day fall since the 28 February correction that shook world markets. On that occasion it fell 10% in a day.

It seems however, that we have successfully climbed this wall of worry.

No longer do such one-day drops in the benchmark Shanghai Composite Index send shockwaves though Asian stock markets and get European markets rattled (it seems the Dow stopped caring some time ago!).

Looking across the continent today, obviously we were up, but so where Hong Kong (+1.03%), Japan (+0.08%) and Singapore (+0.92%). Smaller markets like Jakarta (+1.29%), Malaysia (+0.98%), South Korea (+1.24%), and Taiwan (+0.54%) also fared well.

In fact, it seems the Chinese market was the only one to fall.

Looks like every fund manager in Asia read my post from earlier today.....