London — World markets rallied on Thursday after the US Federal Reserve confirmed plans to start reeling in stimulus, Norway became the first rich economy to raise rates since Covid-19 struck and China Evergrande shares leapt ahead of a crucial debt payment.
Asia’s nerves were also calmed after China injected fresh cash into its financial system ahead of an $83.5m Evergrande bond coupon deadline that could be the start of one of the world’s largest corporate defaults in history. The “bothersome reality” though is that the global economy is slowing down faster than was assumed, most likely led by China. “The edges of reality will come again to the fore, just not now and not for long,” Galy added.
“It's not the debt that worries me, it is who then builds all the apartments?” said Ewan Markson-Brown, lead manager for Asia equity strategies at Crux Asset Management, considering that Evergrande has 1,300 real-estate projects running in more than 280 cities. Overnight, US Federal Reserve chair Jerome Powell also downplayed the global effects of the Evergrande saga and said it was more relevant to the Chinese economy.
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