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Asia Continues Collapse, but Europe Rallies

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By Douglas A. McIntyre Updated Published
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European investors decided Asia’s problems are Asia’s problems and rallied at the open after, another terrible trading day in the Far East.

The Nikkei was hit 4% to 17,806. The Shanghai Composite collapsed another 7.6% to 2,065 on its way toward zero. The Hang Seng was up 0.7% to 21,404.

At the open, the FTSE rose 2.4% to 6,043. The DAX was up 3% to 9,928.

The Europeans must believe that China’s economic problems may be internal to its manufacturing and consumer segments and will not race around the world to damage its trading partners. Or, they may believe a weaker China will pose less of a trade and military threat if its economy goes into recession.

Low oil prices also benefit Europe, which has virtually no crude production of its own.

And then there is the United States, the largest trading partner of the eurozone. It remains economically healthy.

ALSO READ: Where Will Warren Buffett Put Money as Markets Collapse?

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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