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MANILA, Sept 22 (Reuters) - The Philippines’ central bank has ample space in its monetary policy toolkit to deal with the impact of the coronavirus pandemic, Governor Benjamin Diokno said on Wednesday. The central bank is widely expected to keep its key interest rate steady at a record low for the seventh straight policy meeting on Thursday to support a fragile economic recovery.
Persons: Benjamin Diokno Locations: MANILA, Philippines
SINGAPORE — Markets in mainland China fell more than 1% on Wednesday's open before bouncing back slightly amid the ongoing Evergrande crisis, as markets reopened for trade after a two-day holiday. With global markets selling off earlier this week, investors kept a close watch on the China markets for any fallout surrounding the embattled developer. Both the Shanghai composite and Shenzhen component dropped more than 1% in early trade, before easing off on some of those losses. Evergrande's shares in Hong Kong had slumped 10.6% on Monday and Tuesday combined, taking year-to-date losses to 85%, the bank noted. China on Wednesday also kept its benchmark lending rate unchanged, with the one-year loan prime rate (LPR) held steady at 3.85%.
Persons: Seng, Evergrande's, Hengda, LPR Organizations: SINGAPORE — Markets, CSI, DBS, People's Bank of China, China, Reuters Locations: SINGAPORE, China, Shanghai, Shenzhen, Hong Kong, Singapore
In this article 3333-HKEvergrande's debt crisis will slow down China's economic growth, but will likely have minimal spillover on the country's financial system, according to a former advisor to China's central bank. Li Daokui former advisor to the People's Bank of China"I think it's a bit too early to predict what's the net impact [of the crisis]. The Asian Development Bank said Wednesday that it has maintained its growth forecasts for China at 8.1% for 2021 and 5.5% for 2022. Evergrande is due to pay interest on a bond worth $83 million on Thursday the first test of the company's debt crisis. Defaults by Evergrande will likely slow down the progress of development projects around China, which will hit local economies in mainland China, said Li.
Persons: there'll, Li Daokui, Li, Evergrande, Will Evergrande Organizations: HK, People's Bank of, CNBC, Tsinghua University's School of Economics, Management, Asian Development Bank Locations: Evergrande, People's Bank of China, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRhodium Group discusses the economic and political viewpoints on Evergrande's debt crisisLogan Wright of Rhodium Group says Evergrande is not the only property developer facing financial distress right now. Many people are noting that Evergrande is exceptional because of its size, but not because of its financing methods, he adds.
Persons: Logan Wright, Evergrande
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMotilal Oswal remains positive on India's metal markets despite Evergrande crisisHemang Jani of Motilal Oswal Financial Services says the overall demand outlook for India's metal markets remains steady and the recent correction in metal prices is a buying opportunity.
Persons: Motilal Oswal, Hemang Jani Organizations: Motilal, Motilal Oswal Financial Services
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIf the U.S. can balance 'high-wire act' with China, it'll be positive for the world: UN analystAshish Pradhan of the International Crisis Group says U.S. President Joe Biden did his best in using the United Nations General Assembly as a platform to reset the tone in how the country is viewed around the world.
Persons: it'll, Ashish Pradhan, Joe Biden Organizations: Crisis Group, United Nations General Assembly Locations: U.S, China
Crypto trader Glen Goodman told Insider he remains bearish on the space in the short-term. The looming debt crisis of Chinese real estate developer Evergrande sent shockwaves through global equity markets early this week. Goodman, author of the book "The Crypto Trader: How anyone can make money trading Bitcoin and other cryptocurrencies," said investor sentiment in one market can influence another. Given the recent sell-offs, Goodman said he's keeping his money on the sidelines in the crypto space until prices appear to be in an uptrend again. CoinMarketCapWhile Goodman likes these projects, he stressed that there is always a chance these assets don't deliver positive returns.
Persons: Glen Goodman, Evergrande, ethereum, Goodman, he's, It's, Cardano, Ethereum, CoinMarketCap Organizations: Visa, Mastercard Locations: cryptocurrencies, bitcoin, cryptos, altcoins
Noel Celis | AFP | Getty ImagesBEIJING — Property developer China Evergrande's debt woes are not likely to cause the same fallout as the collapse of U.S. investment bank Lehman Brothers in 2008, analysts said. Evergrande holds physical assetsHowever, when it comes to the scale of potential impact on international financial markets, analysts point to a major difference between the Evergrande crisis and the Lehman collapse: Evergrande holds land, while Lehman held financial assets. "It's not a hedge fund with massive leveraged positions or a bank whose financial asset prices are hurtling towards zero. "Evergrande is facing a liquidity crunch although it owns a large land bank," Larry Hu, chief China economist at Macquarie, said in a report Tuesday. The legendary U.S. investment bank collapsed 13 years ago this month in an iconic moment of the global financial crisis.
Persons: Noel Celis, Evergrande, Lehman, Rob Carnell, Carnell, Larry Hu, Hu, Macquarie's Hu, Gita Gopinath Organizations: AFP, Getty, BEIJING —, China, Lehman Brothers, ., ING, Term Capital Management, Macquarie, Anbang Insurance, Baoshang Bank, HNA, China Huarong Asset Management, IMF, UBS, International Monetary Fund, Reuters Locations: Shenzhen, China, BEIJING, Hong Kong, Asia, Pacific, Beijing, U.S, Evergrande
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvergrande is not Lehman, market has talked up the crisis than it is: INGRob Carnell of ING says that it is too early to conclude that Beijing will jump in and save Evergrande, and the company still has a lot of assets which can be sold to help restructure.
Persons: Lehman, ING Rob Carnell Organizations: ING Locations: Beijing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's Evergrande debt crisis is a separate issue from 'common prosperity' vision: ProfessorLi Daokui of Tsinghua University says the Evergrande debt crisis will have a minimum impact on China's financial markets, but will impact the country's property market and in turn affect GDP growth rate in the coming years.
Persons: Li Daokui Organizations: Tsinghua University
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvergrande crisis may spill over to China's property and banking sectors: Somerset CapitalMin Chen of Somerset Capital Management says an Evergrande default that may lead to a spillover in China's property and banking sectors will be manageable and would not turn into a Lehman Brothers moment.
Persons: Min Chen of Organizations: Min Chen of Somerset Capital Management, Lehman Locations: Somerset
A man walks in front of unfinished residential buildings at the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 15, 2021. REUTERS/Carlos Garcia RawlinsWASHINGTON, Sept 21 (Reuters) - The International Monetary Fund on Tuesday said it is closely following developments surrounding China Evergrande Group (3333.HK), but believes Beijing has the tools to prevent the situation from turning into a systemic crisis. IMF chief economist Gita Gopinath told Reuters the real estate sector was a big part of China's economy, and China Evergrande's potential default could have implications for China's economic activity and financial stability. "We are following the developments in China very closely," Gopinath said, underscoring the need for regulatory reforms to address the heavily leveraged property sector. "We still believe that China has the tools and the policy space to prevent this turning into a systemic crisis."
Persons: Carlos Garcia Rawlins WASHINGTON, Gita Gopinath, Gopinath, Andrea Shalal, Leslie Adler Organizations: Evergrande Group, REUTERS, Monetary Fund, China Evergrande, HK, IMF, Reuters, Thomson Locations: Luoyang, China, Beijing
REUTERS/Phil NobleThe closures had led to fears that the production of a wide range of food and drinks could be shut down within days. WHY IS CARBON DIOXIDE IMPORTANT? Carbon dioxide is sold through a mixture of contracts and spot sales. This effectively removed a large chunk of supply from the market and there have been reports that carbon dioxide suppliers were not scheduling beyond 24 hours in advance. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^UK strikes deal for CO2 producer CF to restart operationsBritain may give state loans to energy companies as gas prices surge[16:37] Boyle, Jonathan A.
Persons: Phil Noble, it’s, Ince, Boyle, Jonathan A Organizations: REUTERS, Fertilisers, Linde, Air, CF Locations: Britain, Manchester, Billingham, England
Currency, commodity and bond markets steadied, but overall demand for riskier assets remained low especially as the Federal Reserve is expected to step closer to tapering on Wednesday. China’s yuan steadied in offshore trade to recoup some of the losses that sent it to a three-week low on Monday. Evergrande shares fell 4% as focus there shifts to Thursday when the company is due to make bond interest payments. The 10-year U.S. Treasury yield crept up to 1.3277%, with moves capped as markets have an eye to the Fed. Investors are looking for the tapering timeline on its bond purchases as well as its board members’ long-term rates and economic projections.
Persons: Seng, , Dave Wang, Evergrande, George Boubouras, , Lehman, Jarrod Kerr, cryptocurrencies Organizations: Nikkei, SINGAPORE, midsession, Japan’s Nikkei, Federal Reserve, Nuvest Capital, BHP, Rio Tinto, K2 Asset Management, Treasury, Fed Locations: China, Asia, Singapore, China’s, Rio, Melbourne, Hong Kong, Brazil, Britain, Hungary, Indonesia, Japan, Norway, Philippines, South Africa, Sweden, Switzerland, Taiwan, Turkey
Most regional currencies inched higher against the U.S. dollar, recouping some recent losses, while investors remained focused on Evergrande as well as the Federal Reserve's stimulus tapering. Trading volumes were still slim as markets in China, Taiwan and South Korea were shut, and gains were limited by worries of Evergrande defaulting on its massive pile of debt. Fears that the crisis could damage an already fragile Chinese economy and spill over into broader financial markets also sent Wall Street sharply lower on Monday. Still, Indonesia has been on a tentative path to recovery from the pandemic in recent weeks. ** Top loser on the Jakarta stock index is Reliance Sekuritas Indonesia, down 6.8%.
Persons: Awasthi, Evergrande, Alvin Tan, ines, Shashwat, Shri Navaratnam Organizations: Bank, U.S ., Asia FX, RBC Capital Markets, . Bank Indonesia, Sekuritas, PLDT Inc, JK Locations: Bank Indonesia, China, Philippines, Thailand, Philippine, Taiwan, South Korea, Asia, Beijing, Indonesia, Java, Bali, In Thailand, Jakarta, Sekuritas Indonesia, Japan, India
Sept 21 (Reuters) - Prices of copper, used widely in the power and construction industries, were trading near a one-month low on Tuesday as a debt crisis at China developer Evergrande Group spurred a sell-off across markets and stoked worries over global demand. Global stock markets grappled with contagion fears, sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt pile prompted investors to flee riskier assets. Chinese markets are closed for a holiday and will reopen on Wednesday. FUNDAMENTALS* The global world refined copper market showed a deficit of 90,000 tonnes in June, compared with a surplus of 4,000 tonnes in the prior month, the International Copper Study Group said in its latest monthly bulletin. * Aurubis AG, Europe’s largest copper producer, said on Monday its Stolberg copper products plant in Germany will start resuming some production on Nov. 1.
Organizations: Evergrande, London Metal Exchange, Global, Study, Aurubis, Japan Bank of Japan, Federal Reserve’s, Market Committee Locations: China, Germany, Guinea’s, Conakry
Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates. Japan’s Nikkei fell 2.0%, resuming trade after a market holiday on Monday while MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.2%. MSCI’s ACWI shed 0.13%, a day after the gauge of the world’s 50 stock markets lost 1.63%, its biggest decline in two months, and leaving it teetering at its lowest level in two months. Nasdaq Golden Dragon China index of U.S.-listed Chinese shares tumbled 5.4% to edge near 15-month lows hit last month. Shares in Evergrande, which has been scrambling to raise funds to pay its many lenders, suppliers and investors, sank 10.2% on Monday.
Persons: Issei Kato, , Masahiro Ichikawa, ” Ichikawa Organizations: REUTERS, Japan’s Nikkei, Japan, Nasdaq, Regulators, Sumitomo Mitsui DS Asset Management, Investors, U.S, U.S . Federal Locations: TOKYO, China, Tokyo, Japan, Asia, Pacific, Taiwan, Evergrande, China’s, U.S ., Brazil, Britain, Hungary, Indonesia, Norway, Philippines, South Africa, Sweden, Switzerland, Turkey
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnalyst explains the risk of a spillover amid China's Evergrande debt crisisAndy Xie, an independent analyst, says China Evergrande's debt woes may have the "contagion effect" on other developers and they could face a liquidity crisis down the road.
Persons: Andy Xie Locations: China
The first test for Evergrande's debt crisis comes this week
  + stars: | 2021-09-21 | by ( Weizhen Tan | ) www.cnbc.com   time to read: +4 min
Stringer | AFP | Getty ImagesThe first test for Evergrande's debt crisis comes this week — investors will be watching to see if the embattled Chinese property developer is able to pay out its interest due on a bond, or default on it. Foreign investors, offshore bonds may be hit firstIf these initial defaults happen, institutional and other foreign investors will likely be more affected compared to domestic investors in China, analysts said. Offshore bonds are mostly held by institutional or foreign investors, whereas domestic retail investors in China are more likely to own onshore bonds. "In other words, will Evergrande choose to just default on offshore bonds while honouring onshore commitments?" Which funds own Evergrande bonds?
Persons: Refinitiv, Ray Attrill, Evergrande, Vishnu Varathan, Varathan, homebuyers Organizations: Stringer, AFP, Getty, CNBC, Mizuho Bank, Reuters Locations: Huaian, China's, Jiangsu, U.S, Asia, China, Shenzhen
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt is difficult to predict the fallout of Evergrande's debt crisis: The Global CIO OfficeJohan Jooste of The Global CIO Office is skeptical about Evergrande's ability to recover from its debt crisis.
Persons: Johan Jooste Organizations: Global CIO, The Global CIO
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvergrande crisis will put 'very negative pressure' on Chinese yuan, says expertRonald Wan of Partners Financial Holdings discusses the Evergrande crisis.
Persons: Ronald Wan Organizations: Partners Financial Holdings
An investor sits in front of a board showing stock information at a brokerage office in Beijing, China, December 7, 2018. Currency, commodity and bond markets steadied, but overall demand for riskier assets remained low especially as the Federal Reserve is expected to step closer to tapering on Wednesday. Evergrande (3333.HK) shares fell 4% as focus there shifts to Thursday when the company is due to make bond interest payments. The 10-year U.S. Treasury yield crept up to 1.3277%, with moves capped as markets have an eye to the Fed. Investors are looking for the tapering timeline on its bond purchases as well as its board members' long-term rates and economic projections.
Persons: Thomas Peter, Dave Wang, Evergrande, George Boubouras, Lehman, Jarrod Kerr, cryptocurrencies, Tom Westbrook, Shri Navaratnam, Ana Nicolaci da Organizations: REUTERS, Nikkei, SINGAPORE, midsession, Japan's Nikkei, Federal Reserve, Nuvest Capital, HK, Rio Tinto, K2 Asset Management, Treasury, Fed, Thomson Locations: Beijing, China, Asia, Singapore, China's, Rio, Melbourne, Hong Kong, Brazil, Britain, Hungary, Indonesia, Japan, Norway, Philippines, South Africa, Sweden, Switzerland, Taiwan, Turkey, Ana Nicolaci da Costa
About 100 leaders are expected to appear in person, with U.S. global leadership in the spotlight. Image President Biden will make his debut General Assembly speech as U.S. leader amid doubts over his ability to shore up the country’s global leadership. Credit... Doug Mills/The New York TimesThe United Nations convenes its annual speeches by world leaders on Tuesday against a backdrop of disastrous climate change, polarized superpower relations and a devastating pandemic that has worsened the global rich-poor divide. It also amounts to a major test of credibility for President Biden, who will be among the first to address the 193-member General Assembly. Mission to the United Nations, expressing shock and bafflement over Mr. Biden’s treatment of France.
Persons: Biden, Doug Mills, Donald J, Trump, Mr, Biden blindsided, ” Charles Michel Organizations: Assembly, U.S, Credit, New York Times, United Nations, , West, World Health Organization, European Union, European Council, Crisis Group, General Locations: States, China, United States, Afghanistan, France, Australia, European, Myanmar, Iran, Haiti, Ethiopia, Syria, Yemen
Evergrande is China's second-biggest property developer. Markets are concerned the debt crisis at Chinese property developer Evergrande could spread. US stock futures rallied on Tuesday after the debt crisis at giant Chinese property developer Evergrande sent equities tumbling the previous day. Its stock fell 0.44% Tuesday, building on a plunge of 10.24% the previous day, after S&P Global Ratings said a default is likely on those payments. Bitcoin was down 0.6% to $43,263, according to Bloomberg prices, on Tuesday after tumbling from above $47,000 the previous day as investors fled riskier assets.
Persons: Noel Celis, Dow Jones, Lehman, Goldman Sachs, Steen Jakobsen, Bitcoin Organizations: Getty, Dow, Nasdaq, Analysts, Brent, Saxo Bank, Treasury, Bloomberg Locations: Beijing, Hong Kong, Europe
Hollis Johnson/Business InsiderJPMorgan's market guru Marko Kolanovic said he's bullish on stocks despite the Evergrande crisis. Kolanovic and colleagues backed the S&P 500 to hit 4,700 by year-end, a rise of 8% from Monday's closing price. They backed the US S&P 500 to rise to 4,700 by the end of the year. The S&P 500 fell as much as 3% on Monday before paring its losses. "We remain constructive on risk assets and last week upgraded our S&P 500 price target, given expectations of a reacceleration in activity as the delta wave fades and better than expected earnings."
Persons: Marko Kolanovic, Hollis Johnson, he's, Kolanovic, Dow Jones, Monday's, Saxo, Peter Garnry, Garnry Organizations: Nasdaq Locations: China
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