TOKYO : Global stock markets on Tuesday were caught in the grip of contagion fears sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt prompted investors to flee riskier assets.
Japan's Nikkei fell 2.0per cent, resuming trade after a market holiday on Monday while MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.2per cent. On Wall Street, S&P500 shed 1.70per cent, the biggest drop in four months. Nasdaq Golden Dragon China index of U.S.-listed Chinese shares tumbled 5.4per cent to edge near 15-month lows hit last month.
"Whether Evergrande can make payments, and if not, whether the authorities will bail it out? Those are the immediate questions," said Masahiro Ichikawa, chief strategist at Sumitomo Mitsui DS Asset Management. The 10-year U.S. Treasuries yield dropped to 1.312per cent, though moves were relatively subdued as investors looked to the U.S. Federal Reserve's two-day policy meeting starting on Tuesday.
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