Marketmind: China developers catch break, BOJ hawks take flight

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Chinese property stocks and Japanese government bonds put on a two-ring show in Asia to start the global day on Tuesday, setting the tone for Europe. Meanwhile, Bank of Japan boss Kazuo Ueda's weekend comments that the end of stimulus is possible during 2023 is still reverberating in the local bond market, with the benchmark 10-year yield pushing to a new near-decade peak.

Chinese property stocks and Japanese government bonds put on a two-ring show in Asia to start the global day on Tuesday, setting the tone for Europe.

The drama isn't over: Sources say the extension applies to six of eight bonds under discussion, with voting delayed on the other two. The embattled developer has already dodged default twice this month, winning a three-year extension on offshore bond payments and making a last-minute coupon payment. It puts massive attention on the BOJ's policy meeting next week, in an important week that also sees policy meetings by the Bank of England and the Federal Reserve.

 

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