HONG KONG : Asian shares made cautious gains on Thursday, supported by some positive news from cash-strapped developer China Evergrande Group, while the dollar held near a one-month top after the U.S. Federal Reserve took a hawkish tilt overnight.
"You'll see some of the immediate fears of a huge collapse and contagion start to recede, but it will still be an issue that pops up because the property market and construction is such a massive part of the Chinese economy." Elsewhere, Chinese blue chips gained 0.7per cent, Australia's benchmark rose 1per cent, and South Korea's Kospi fell 0.6per cent after returning from a three-day break to catch up with global falls earlier in the week. Japan equity markets were shut for a holiday.Fears that Evergrande could fail to meet its obligations jolted global markets early this week as investors worried about the spillover effect on banks and property firms from the giant developer defaulting on its debt mountain.
In another key event for markets, the Fed said overnight it would likely begin reducing its monthly bond purchases as soon as November and signalled interest rate increases may follow more quickly than expected.
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Dead cat bounce. Stay out. Invest elsewhere.
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