One of the New Year’s predictions from the ArabianMoney newsletter (click here to sign-up) seems to be coming right with the start of a big correction in emerging market equities, totally at odds with many optimistic forecasts a few weeks ago which we took as a contrarian indicator.
Rising property prices in China are sounding alarm bells about monetary tightening and the smart money is leaving stocks that fell two per cent yesterday in Shanghai. Property stocks are the focus of selling as the ‘Dubai x1000 property boom’ cited by hedge fund legend Jim Chanos (who shorted US sub prime brilliantly, click here) will inevitably come to a sticky end.
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