Stocks are down, bonds are flat and the global economic outlook is bleak - but jargon is up, what with all the talk of double-dips, QE3 and BRICS.
Double-dip, at least, is the phrase of the moment. It addresses the possibility that the US and Europe will dip back into recession. The catalyst for that discussion last week came on news of weak US employment data and stagnant growth in manufacturing orders and, most notably, the decision by Brazil's central bank to cut interest rates by 50 basis points.
Brazil is the first of the BRICS (Brazil, Russia, India, China, South Africa) countries to swing to a monetary easing stance, indicating that even the fastest growing economies are vulnerable to a slowdown.
Talk of a new US recession has fanned speculation the Federal Reserve will initiate a third round of quantitative easing (QE3) after all.
'The SG base scenario is that QE3 won't occur before year's end, but that view is under debate. I would say QE3 is front and centre,' says Todd Martin, Asia equity strategist at Societe Generale.
Within those big macro-themes, a number of Hong Kong stocks were on the move last week. This included China Construction Bank (939). Bank of America finalised a plan last week to sell half its US$16.6 billion stake in CCB. The news removed a major overhang on the stock, and CCB rose 8.5 per cent last week.