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☆ Evergrande chairman investigated over offshore asset transfers - WSJ
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip/File photo Acquire Licensing RightsOct 2 (Reuters) - China Evergrande Group (3333.HK) Chairman Hui Ka Yan is being investigated on suspicion of transferring assets offshore while the indebted property developer struggles to complete unfinished projects, the Wall Street Journal reported on Monday. Evergrande has been working to get creditors' approval to restructure its offshore debt but the process grew more complicated last week when the company said it could not issue new debt due to an investigation into its main China unit. Adding to the embattled developer's woes, it said on Friday that its chairman was under police watch and was suspected of committing unspecified crimes. Evergrande did not immediately respond to a Reuters request for comment during week-long National Day holidays.

Persons: Hui Ka Yan, Bobby Yip, Evergrande, Hui, Urvi, Stephen Coates Organizations: Real Estate Group, REUTERS, China Evergrande, HK, Wall Street, Reuters, Thomson Locations: Hong Kong, China, China's, Evergrande, Bengaluru

☆ Pressure piles on China Evergrande with report chairman under police surveillance
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip/File photo Acquire Licensing RightsHONG KONG, Sept 27 (Reuters) - The chairman of China Evergrande Group (3333.HK) has been placed under police surveillance, Bloomberg News reported on Wednesday, ratcheting up pressure on the embattled developer whose outlook has already darkened significantly this week. Citing people with knowledge of the matter, the report said Hui Ka Yan was taken away by police earlier this month and is being monitored at a designated location. Evergrande did not immediately respond to a Reuters request for comment. Markets are also focused on another major Chinese developer, Country Garden (2007.HK), which is facing a new bond coupon repayment deadline on Wednesday.

Persons: Hui Ka Yan, Bobby Yip, Hui, Evergrande, Hengda, Scott Murdoch, Xie Yu, Muralikumar Anantharaman, Neil Fullick Organizations: Real Estate Group, REUTERS, China Evergrande, HK, Bloomberg, Bloomberg News, Reuters, Evergrande, Thomson Locations: Hong Kong, China, HONG KONG, China's, Sydney

☆ Timeline: China Evergrande's worsening debt crisis
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +5 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Here is a timeline of how Evergrande's debt crisis has unfolded:August, 2021Many Evergrande projects across the country halt construction due to overdue payments. November, 2022A mansion belonging to Evergrande's chairman in Hong Kong's prestigious The Peak residential enclave is seized by lender China Construction Bank (Asia). February, 2023An independent committee finds Evergrande's directors fell "below standards" through their involvement in diverting loans secured by unit Evergrande Property Services (6666.HK) to the group. July, 2023Evergrande posts a net loss of 476 billion yuan and 105.9 billion yuan for 2021 and 2022, respectively, versus a net profit of 8.1 billion yuan in 2020 when its operation was normal.

Persons: Aly, Evergrande, Hui, Clare Jim, Xie Yu, Roxanne Liu, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Bloomberg, China Construction Bank, Evergrande, Services, Administration of Financial, Life Insurance, Evergrande . Police, Financial Wealth Management, Thomson Locations: China, Shenzhen, Guangdong province, China's, Evergrande, Hong, Asia, Hong Kong, U.S

☆ Who is Hui Ka Yan, Evergrande's billionaire boss who went from power circles to police surveillance?
▼ + stars: | 2023-09-27 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. A person close to Evergrande said Hui had stopped contacting staff over the past few days, while an industry source said he had become totally inaccessible. Evergrande grew to achieve 700 billion yuan ($95.8 billion) in annual sales by 2020. Outside mainland China, Hui mixed with Hong Kong tycoons. Without the country giving me a scholarship of 14 yuan every month, I could not have completed university," Hui said.

Persons: Hui Ka Yan, Bobby Yip, Yan, Hui, Evergrande, Xi Jinping, Cheng, tycoons, Cheng Yu Tung Organizations: Real Estate Group, REUTERS, Chinese Communist Party, China Evergrande, HK, Evergrande, Bloomberg, Reuters, Forbes, Hong, New, Party, Thomson Locations: Hong Kong, China, HONG KONG, Tiananmen, Guangzhou, Guangdong province, Henan

☆ China Evergrande shares tumble for second day after unit misses bond payment
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Sept 26 (Reuters) - China Evergrande Group (3333.HK) shares slid for a second consecutive session on Tuesday, dropping as much as 8% after a unit of the embattled property developer missed an onshore bond repayment. Evergrande has been seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion that includes bonds, collateral, and repurchase obligations. Under the plan unveiled in March this year, Evergrande proposed various options to offshore creditors, including swapping some of their debt holdings into new notes with maturities of 10 to 12 years. ($1 = 7.3102 yuan)Reporting by Donny Kwok; Editing by Sumeet Chatterjee and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hengda, Donny Kwok, Sumeet Chatterjee, Edwina Gibbs Organizations: REUTERS, China Evergrande, HK, Group, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG

☆ Evergrande stocks have tanked 27% this week, suggesting the worst is far from over for China's property sector
▼ + stars: | 2023-09-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Chinese property giant Evergrande's shares have tanked 27% so far this week. AdvertisementAdvertisementRecent developments at Chinese property giant Evergrande aren't quite inspiring confidence in China's real estate market. Evergrande is worth about 5.3 billion Hong Kong dollars, or $678 million, now – a massive fall from grace from the company's heydays in 2017 when it was worth nearly 420 billion Hong Kong dollars. AdvertisementAdvertisementThe massive slump in Evergrande shares also suggests that the worst is far from over for China's property sector, wrote Junrong Yep, a market strategist at online trading platform IG, in a Tuesday note seen by Insider. China Evergrande shares on the Hong Kong Exchange were 7% lower 40 Hong Kong cents at midday on Tuesday.

Persons: —, Evergrande's, Pan Darong, Xia Haijun, Li Daokui, Li, Evergrande —, Evergrande Organizations: Bloomberg, Service, Hong, Authorities, Group, . Investment, People's Bank of, China, China Evergrande, Hong Kong Exchange, People's Bank of China Locations: Hong Kong, Evergrande, China, People's Bank of China

☆ Exclusive: Some Evergrande creditors plan to join winding-up petition if no new debt plan by Oct 30
▼ + stars: | 2023-09-26 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Evergrande has been in the process of seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations. In July, the hearing for that winding-up petition against Evergrande was adjourned to Oct. 30, in order to wait for the result from the developer's meeting with creditors to vote on its debt restructuring plan. Evergrande needs approval from more than 75% of the holders of each debt class to approve the plan. Many of the defaulted developers have been scrambling to get their offshore creditors' approval for debt restructuring plans to avoid collapse or being forced into liquidation proceedings.

Persons: Aly, Evergrande's, Evergrande, homebuyers, Scott Murdoch, Donny Kwok, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, Rights, China Evergrande, Group, Thomson Locations: Danzhou, Hainan province, China, HK, Hong Kong, Shenzhen

☆ Asian shares slip after brutal central bank week, yen in focus
▼ + stars: | 2023-09-25 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. S&P 500 futures , however, rose 0.3% while Nasdaq futures gained 0.4%, after Hollywood's writers union reached a preliminary labor agreement with major studios. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.5%, edging back to a 10-month low plumbed just last week. U.S. central bank officials will be out in force this week, starting with Minneapolis Fed President Neel Kashkari on Monday. Brent crude futures rose 0.6% to $93.79 per barrel.

Persons: Issei Kato, Kazuo Ueda, HSI, Louis Kuijs, Neel Kashkari, Andrew Lilley, Stella Qiu, Himani Sarkar, Jacqueline Wong Organizations: REUTERS, Bank of Japan, Nasdaq, Japan's Nikkei, Hengda, Estate Group Co, U.S, Minneapolis, European Central Bank, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Europe SYDNEY, China, U.S, Europe, Asia, Pacific, firming, U.S . Federal

☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.

Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda

☆ China Evergrande: unable to meet qualifications for issuance of new notes
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 24 (Reuters) - China Evergrande (3333.HK) said on Sunday that in view of an investigation into Hengda Real Estate Group, its flagship onshore unit, it was unable to meet qualifications for the issuance of new notes under its debt restructuring plan. The Evergrande unit was being probed by the Chinese securities regulator for suspected violation of information disclosure. As of end-July, Hengda Real Estate's unpaid debts due totalled about 277.5 billion yuan ($38 billion), and it had 1,931 pending litigation cases. Evergrande on March 22 announced plans for the restructuring of $22.7 billion in offshore debt.

Persons: Aly, Hengda, Hui, Yan, Evergrande, Ryan Woo, Kane Wu, Andrew Cawthorne, Sharon Singleton Organizations: REUTERS, Rights, HK, Real, Group, Hengda Real, China Evergrande, Hong Kong Stock Exchange, Thomson Locations: China, Shenzhen, Guangdong province, Rights BEIJING, Hong Kong, Beijing

☆ China Evergrande shares plummet after its debt restructuring plan runs into trouble
▼ + stars: | 2023-09-25 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Since defaulting, Evergrande has been trying to implement a government-supervised debt restructuring. The issuance of new securities a key part of that restructuring plan, involving more than $19 billion in debts held by overseas investors. It’s the first criminal probe launched against Evergrande since it was hit by the debt crisis nearly two years ago. But, late last week it acknowledged that the company’s proposed debt restructuring had hit a snag for a different reason. In an update in April, Evergrande admitted that the plan was still short of support from a key group of creditors.

Persons: Hong Kong CNN —, China —, Evergrande, —, Hengda, “ Organizations: Hong Kong CNN, Real, China Securities Regulatory Commission, Evergrande Locations: China, Hong Kong, United States, Hengda, Shenzhen

☆ The housing market is brutal. These 6 charts show just how bad things are for buyers.
▼ + stars: | 2023-09-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Record-high monthly mortgage payments and low home inventory have made the housing market historically unaffordable. Below are 6 charts illustrate how difficult the current housing market is for buyers. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementThe housing market has never before been this unaffordable for Americans. These six charts from real estate group Redfin show just how brutal it is for people navigating the current market. AdvertisementAdvertisementSeparate National Association of Realtors' data published last month showed that home prices saw a record increase in over half of the US housing market over the past quarter.

Persons: it's Organizations: Service, Federal Reserve, Redfin, metros, Association of Realtors Locations: Wall, Silicon, San Jose, Milwaukee, Atlanta, Las Vegas, Newark , NJ, Seattle, San Antonio ,, San Jose ,

☆ A Gen Zer living in a microstudio in Dubai says it's changed how she shops, cleans, budgets, and socializes
▼ + stars: | 2023-08-31 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

So having a small space really helped that in a lot of ways." Living in such a small space means it's easy to keep costs low. As a hybrid worker, she loves working from home — but having such a small space to get work done from can be restrictive. At the end of the day, she said she wished people understood that not everyone living in Dubai was very rich or living in luxury. "I live in a very small space, and I work at a publishing company," she said, adding: "It's not what you see online only.

Persons: Twinkle Stanly, Stanly, —, It's, Stanly —, I've, Knight Frank, That's Organizations: Service, CNBC Locations: Dubai, United Arab Emirates, Wall, Silicon

☆ TSX hits a 2-month low as dividend-paying stocks fall
▼ + stars: | 2023-08-21 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 33.52 points, or 0.2%, at 19,784.87, its lowest closing level since June 27. "Interest rates continue to climb, which is something negative for the TSX which is littered with dividend payers," said Barry Schwartz, a portfolio manager at Baskin Financial Services. Stocks paying high dividends dominate the real estate, utilities and financials sectors. Shares of Restaurant Brands International (QSR.TO) gained 0.9% after J.P.Morgan initiated coverage on the stock with an "overweight" rating.

Persons: Chris Helgren, Barry Schwartz, Stocks, Fergal Smith, Shubham Batra, Shashwat Chauhan, Shilpi Majumdar, Deepa Babington Organizations: Toronto Stock Exchange, REUTERS, Energy, Toronto Stock, TSX, Baskin Financial Services, Bank of Canada, Technology, Restaurant Brands, Thomson Locations: Toronto , Ontario, Canada, Real, Toronto, Bengaluru

Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money. In the latest signs of stress in the sector, Germany's largest real estate group Vonovia (VNAn.DE) posted multi-billion euro losses and writedowns, and job growth for construction workers has stagnated. The property sector makes up roughly a fifth of economic output and one in ten jobs, according to the German Property Federation. The Ukraine war has also made German property seem riskier for foreign investors. The president of the German Property Federation, Andreas Mattner, is pressing the government to temporarily suspend a property sales tax and is demanding a low-interest rate credit program to support new residential building.

Persons: Kai Pfaffenbach, Sven Carstensen, Florian Schwalm, Olaf Scholz, Klara Geywitz, Andreas Mattner, Oliver Mueller, Matthias Inverardi, Holger Hansen, Friederike Heine Our Organizations: REUTERS, CARE, German Property Federation, Reuters Graphics Reuters, European Central Bank, Germany, German Construction Industry Federation, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, Kai Pfaffenbach FRANKFURT, United States, Sweden, Ukraine, East, Asia

☆ I've lived in Midland, Texas, most of my life. An oil boom has lured millennials like me looking for high-paying jobs.
▼ + stars: | 2023-08-09 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Jacobe Kendrick, 39, grew up in Midland, Texas, and is now working as a real-estate agent there. He has seen Midland transform as high-paying jobs lure thousands of millennials to the desert city. The city is located in the Permian Basin, which is one of the top producers of oil in the world. Most of my clients are millennials who are jump-starting their livesA large segment of my clients are millennials. For me personally, I chose to raise my family in Midland because I know what the people here stand for.

Persons: Jacobe Kendrick, Kendrick, millennials, I'm Jacobe Kendrick, I'm, It's, haven't, They're, I've, They've, Alcynna Lloyd, homebuyers Organizations: Service, eXp Realty, Blacks, Air Force Academy, Kendrick, Midland Locations: Midland , Texas, Wall, Silicon, Midland ., America, Midland

FILE PHOTO-A logo of German real estate company Vonovia, is pictured during a news conference in Duesseldorf, Germany, March 6, 2018. After a decade-long property boom, Germany is undergoing a sharp reversal of fortune after an era of cheap money ended. Germany's real estate sector is mired in its worst crisis in decades, marked by insolvencies, fizzling transactions, falling prices and a stagnation in construction jobs. Vonovia, which went public in 2013 at the start of the property boom and took over its biggest rival in 2021, serves as a bellwether for Germany's property sector. Vonovia affirmed full-year guidance for its key profit metric - so-called funds from operation - of 1.75 billion euros to 1.95 billion euros, down from 2.04 billion in 2022.

Persons: Thilo, Vonovia, Chancellor Olaf Scholz, Rolf Buch, Matthias Inverardi, Tom Sims, Miranda Murray, Friederike Heine, Kim Coghill, Alexander Smith Organizations: REUTERS, Reuters Graphics, Stifel, Thomson Locations: Duesseldorf, Germany

FRANKFURT, Aug 1 (Reuters) - Germany's property sector is under stress, prompting firms to call for government support, property developers to file for insolvency and share prices of landlords to plunge. Reuters GraphicsIt's just the latest in a flurry of indicators that show real estate in Germany is in a deep funk. "Many, many property developers at the moment are postponing projects or slowing them down," said Francesco Fedele, chief executive of BF.direkt, a property financing consultant. THE DAXVonovia, Germany's largest real estate group, serves as a bellwether for Germany's property sector. TRANSACTIONSGermany is the largest real estate investment market on the European continent.

Persons: Francesco Fedele, DAX Vonovia, Jones Lang LaSalle, Tom Sims, Holger Hansen, Ed Osmond Organizations: FRANKFURT, Reuters, Reuters Graphics, Stifel, Thomson Locations: United States, Sweden, Germany, Berlin, Frankfurt, Denmark, Europe

☆ Co-Star has a new astrology machine that answers questions with ChatGPT. I tried it — and see how it's the future.
▼ + stars: | 2023-07-22 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Astrology app Co-Star developed a machine that uses AI to answer questions based on user's birth chart. Here's my experience trying Co-Star's new astrology machine. The machine was developed and installed by Co-Star, a buzzy astrology app that launched in 2017 (not to be confused with the commercial real estate group with a similar name). The main function of the machine is to generate answers to open-ended questions according to a user's astrological chart. In order to answer these speculative questions, it draws upon large language models like GPT-3, and chatbots like ChatGPT, along with other technologies.

Organizations: Star, Co Locations: LA, Manhattan

☆ If you're looking for a last-minute trip to Cape Cod during the 'busy' season, you might be in luck. Summer rentals are sitting empty.
▼ + stars: | 2023-06-19 | by ( Melia Russell | ) www.businessinsider.com time to read: +3 min

It's not too late to book a short-term vacation rental on Cape Cod this summer. Even as the vacation hot spot enters its busy season, locals are seeing the demand for vacation rentals soften. The occupancy rate is down 20% from last year, according to The Cape Cod & Islands Association of Realtors. After listing those homes on sites like Airbnb and Vrbo, the supply of vacation rentals is through the roof. The real estate group says the average daily rate has climbed to $619 up from $525 last summer.

Persons: It's, —, Airbnb, Insider's, Vrbo, Beth Teitell, Ryan Castle, John Greim, Annie Blatz Organizations: Service, Islands Association of Realtors, Boston Globe, Globe, Getty, Kinlin Grover Compass Locations: Cod, Cape Cod

☆ Blackstone will help prevent an office market 'catastrophe', says JPMorgan's commercial real estate chief
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Reports on the death of offices are "just wrong," JPMorgan's commercial real estate chief said. Office buildings are losing value as more people opt to work from home and companies need less space. No 'catastrophe' for the office market"You get the headline written that the office market is a catastrophe," Brooks said during a JPMorgan outlook webinar on June 1. In April, Blackstone announced the final close of its Blackstone Real Estate Partners X, the largest real estate fund ever raised, with $30.4 billion in capital commitments. Through its real estate investment trust, Blackstone has maintained some exposure to office buildings.

Persons: Blackstone, delinquencies, Alfred Brooks, Brooks, JLL, Manus Clancy, JPMorgan —, hasn't, They're Organizations: JPMorgan, Blackstone, Blackstone Real Estate Partners Locations: Brookfield, Blackstone, Los Angeles

☆ Commercial real estate has taken a beating. But recovery may be slow for one big reason.
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

Investment volume in commercial real estate fell off a cliff last quarter. But with few transactions on which to peg market values, is the market truly down? Last week, Alfred Brooks, the head of JPMorgan's commercial real estate group, said he's seen distressed buyers already raising money to pick up the pieces, once prices get low enough. Indeed, commercial real estate values are down, by other measures. April was the first month since 2010 that prices of all types of commercial property fell on an annual basis, according to MSCI.

Persons: haven't, —, dealmaking, It's, Alfred Brooks, he's, Richard Rubin, Insider's Alex Nicoll, Rubin, Blackstone, MSCI Organizations: Bank of America, Service, BofA Global Research, RCA, BofA Global

☆ JPMorgan's commercial real estate chief lays out how Blackstone will help prevent an office market 'catastrophe'
▼ + stars: | 2023-06-05 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

☆ European shares rise on US debt deal optimism
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - European shares rose on Monday as investors drew comfort from a tentative deal reached by U.S. lawmakers to raise the debt ceiling and avert a default. The euro zone stocks index (.STOXXE) climbed 0.4% by 0715 GMT, with the bloc's banks (.SX7E) among the top gainers. Trading volumes were light, with markets in the United States, the UK and several European countries closed. U.S. President Joe Biden on Sunday finalised a budget agreement with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025, and said the deal was ready to move to Congress for a vote. Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

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