Just saw on TV that the Chinese stock market dropped 9%, the biggest since the death of Deng Xiao Ping. The reason for the drop in stocks was speculations that the Chinese government will announce austerity measures that would significantly slow down growth. Dow Jones opened amid jitters of what was already happening in China and lost 400 points. This was aggravated by a "glitch" in the computers used in trading. The Toronto Stock Exchange lost 360 points. Oil wasn't affected, though. Analysts say that the "correction" was long overdue, and would linger for a "couple of days." Even former Federal Reserve Chairman Alan Greenspan hinted of a possible recession in the US. I hope not. I wonder how this would affect the stocks in the Philippines.