China BAK Battery, Inc. (CBAK)

[Ecomike]

CBAK perspective on sister China stock trends:

"China’s stocks fell, dragging down the benchmark index to the lowest level since March 2009, after companies from Maanshan Iron & Steel (323) Co. to Shanxi Coal International Energy Group Co. reported weaker earnings. Maanshan Iron dropped to a 16-year low, while Shanxi Coal sank 6 percent as Shenyin & Wanguo Securities cut the company’s earnings estimates. Gemdale Corp. tumbled to a seven-month low after the official Xinhua News Agency reported the government is studying further measures to control the property market. The Shanghai Composite declined 1 percent to 2,092.10 at the close, the lowest since March 3, 2009. The CSI 300 Index (SHSZ300) lost 1.2 percent to 2,275.68. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies traded in Hong Kong fell 1.8 percent."

From the "Between the Hedges" newsletter. Also note worthy, the BDI shipping index, which is heavily weighted to China trade now, is near the 10 year lows hit during the Lehman's Brothers collapse. BDI is a dry bulk ship rate index of ship rates, for goods like coal, iron ore and wheat.

Warren Buffet says he buys stocks when there is blood in the streets!!!