It was early in March 2007 that I realised that two of the world’s markets held each other in a tight and deadly embrace.
A week earlier, global stock markets had suffered the “Shanghai Surprise”, when a 9 per cent fall on the Shanghai stock exchange led to a day of global turmoil. That afternoon on Wall Street, the Dow Jones Industrial Average dropped by 2 per cent in a matter of seconds. A long era of unnatural calm for markets was over.
http://www.ft.com/cms/s/2/6d6ad426-63ac-11df-a32b-00144feab49a.html
