From the FT:

China’s benchmark stock index tumbled 6.08 percent on Wednesday morning
after the government hiked the stock trading tax in its strongest
effort yet to cool a speculative bull run.

The government recently must have been saying to itself, “what the hell can we do to slow down this runaway train?” but nothing much has worked so far.

Today’s contraction is positive, but the question is what things will look like by the end of the week. Investors have been so excited these days that I’m worried a 6% drop may just serve to attract some folks into thinking that it’s bargain time.