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World shares sink as China Evergrande fears spark risk off

World shares sink as China Evergrande fears spark risk off

9/21/2021 8:05:00 AM

World shares sink as China Evergrande fears spark risk off

World stocks sold off sharply on Monday while safe-haven assets gained as troubles at property group China Evergrande fed concerns about spillover risks to the economy, sparking fresh investor worries ahead of a busy week of central bank meetings.

sliding.The selloff on Monday has seen a cumulative $2.2 trillion of value wiped off the market capitalization of world equities from a record high of $97 trillion hit on Sept. 6, according to Refinitiv data.China CDSWorries over Evergrande come as a rally in equities has stalled recently with investors focused on the impact of coronavirus cases on the economy, and when central banks will ease back on monetary stimulus.

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The U.S. Federal Reserve is due to meet on Tuesday and Wednesday as investors look for when it will begin pulling back on its bond purchases.Investors were also keeping an eye on other central bank meetings spanning Brazil, Britain, Hungary, Indonesia, Japan, Norway, the Philippines, South Africa, Sweden, Switzerland, Taiwan and Turkey.

In currency trading, the dollar index rose 0.02%, with the euro up 0.01% to $1.1726.The offshore Chinese yuan weakened versus the U.S. currency to its lowest level in nearly a month.Benchmark 10-year notes last rose 16/32 in price to yield 1.3158%, from 1.37% late on Friday.

The iShares exchange-traded fund tracking high-yield corporate bonds(HYG.P)fell 0.4%.U.S. crude settled down 2.3% at $70.29 per barrel and Brent settled at $73.92, down 1.9% on the moreSpot gold added 0.6% to $1,764.30 an ounce, rising off of a one-month low.

Reporting by Lewis Krauskopf in New York and Tom Arnold in London; Additional reporting by Anushka Trivedi and Shreyashi Sanyal in Bengaluru, Saikat Chatterjee in London, Karen Pierog, Herbert Lash and Chuck Mikolajczak in New York and Wayne Cole in Sydney; Graphic by Sujata Rao; Editing by Jane Merriman, Mark Potter, Jan Harvey and Cynthia Osterman

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World stocks tumble over Evergrande contagion fearsEvergrande, one of China's biggest developers, is on the brink of collapse as it wallows in debts of more than $300 billion.

China Evergrande shares plummet to 11-year low on default risksShares of Evergrande on Monday plunged as much as 19% to their lowest in over 11 years, extending losses as investors take a dim view of its business prospects with a fast approaching deadline for payment obligations this week. Instead of catching profitable tech companies, they need to catch rogue directors.

S&P Global says default by China Evergrande could test government's capacity to backstop 'potentially substantial failures'S&P Global Ratings said Monday a default by Chinese property developer China Evergrande Group will neither lead to a tidal wave of defaults nor mere ripples... good luck

World shares jolted by Evergrande crisis as debt payment test loomsGlobal 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. horrible not because US debt is defaulting next month? how much is it again? time to buy stocks!!

Evergrande fears send stock market tumbling: Here’s what investors need to know about the China property giantEvergrande, a Chinese property giant, is on the brink of default. Here's what investors need to know. Lehman Brothers, Trillion of dollars failure, no noise, Evergrande 300 billion so much noise.

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