The business plans and overseas ambitions of Chinese brokerages are being shelved as Beijing pushes them to use their resources to arrest a dramatic plunge in domestic equity markets that is threatening China's economic stability.
Speaking of liquidity, whether it be in surplus in a Laguna Beach shower, or an extreme deficit in the State of California, current concerns in the financial markets center around the absence of liquidity and the effect it might have on future market prices.
Equities will be the riskiest asset class this year and through the next decade, but will also offer the highest returns and attract the biggest allocation boost from investors, a poll predicted on Monday.
Which came first: The dove or the egg? Perhaps a better question, following a midweek sell off in equities, is which is more important: The moment at which the FOMC starts to lift short-term interest rates, or the trajectory for the future path of rates?