HONG KONG, Sept 23 — Asian markets rose today as concerns about a collapse of troubled property giant Evergrande receded for now, while investors were also cheered by a Federal Reserve plan to begin scaling back its ultra-loose monetary policy soon.
Observers pointed out that even if it fails to meet its obligations, the firm still has 30 days to come up with the cash. However, they will be keeping an eye on how it deals with those dollar-denominated notes. Justin Tang, of United First Partners, said the announcement yesterday “displayed that maintaining bond solvency was still on the agenda for Evergrande and also raised hopes for investors that creditors are to an extent open to resolution”.
The central bank said it expects to “soon” be ready to start the wind-down of stimulus put in place at the start of the pandemic that has been a key driver of the global economic and equity rebound.The world’s biggest economy was now strong enough to slow its bond-buying programme “if progress continues broadly as expected”, it said in a statement after its policy meeting.
“The biggest risk to the stock market is an accelerated pace of tightening and the Fed is showing that is something they will avoid unless they were dead wrong about inflation.”
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