NEW YORK : Investors unnerved by the fallout from heavily indebted Chinese real estate company Evergrande were gauging the potential for a wider shakeout after a selloff hit stocks around the world.
"We have a very cautious view on the market given elevated valuation levels," said Rob Romero, portfolio manager at Connective Capital, a technology hedge fund with US$100 million in assets under management."It is hard to know how far the contagion will spread. We are looking for signs of resilience in U.S. market; if that doesn’t happen, that means contagion has more risk to snowball.
In another sign of concern brewing in money markets, analysts cited the three-month Libor, which rose to 12.5 basis points, a four-week peak, reflecting worries over potential stress in the global banking system. [L1N2QM1UV]
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