And the factory owners are shutting themselves?

An amusing typo from today’s Markets Live on FT Alphaville:

(NH and PM are Neil Hume and Paul Murphy, both FT staffers)

_NH: while we are on the EM theme

NH: got a really interesting email on Friday about China

PM: go on

NH: it was from one of the big banks

NH: can’t name them

NH: but we can print the note

NH: they just dispatched team to China

NH: to try and assess the severity of the slowdown

PM: Interesting….

PM: And?????

NH: they say it is much, much worse than the market thinks

NH: they have found

NH: a significant number of factories are shitting down because of slowing demand from overseas consumers

NH: trade is locking up - letters of credit and 90-day commercial paper are no longer being accepted or transacted

NH: All copper smelters are losing money at current prices but demand from power companies remains stable for now

NH: Property prices are down at least 20% in the past few weeks, with 30-40% falls in some areas

PM: Jeez

PM: Get the note out

NH: here it is

PM: Before you do — we are all conjuring up images of shitting factories in china

NH: sums things up quite nicely_


_So if you’re heading over to China to pick up some 40-percent-off real estate, please watch out for factories flying overhead.