China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
The Hang Seng Index was down 4.38% and S&P/ASX 200 slid 2.78% over fears of euro zone contagion and the risk another recession may be looming.
Gold is up and at $1657/oz. It closed last week at $1624/oz.
Hang Seng was also hit by worries about the casinos in Macua. There is less credit available from China, which may dampen revenue from gambling.
Investors have been piling into the U.S. dollar and treasuries looking for a safe haven. The Indian Rupee is down 9.04% over the last three months versus the US dollar, and the Australian dollar has slid 10% over the same period.
