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☆ China's property crisis could take up to a decade to fix, warns an economist who was censored for his bearish views on the economy
▼ + stars: | 2023-09-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's property crisis may take up to a decade to resolve, economist Hao Hong told CNBC. Hong's WeChat and Weibo social media accounts were suspended last year after a series of bearish posts on China's economy. "Fixing the property sector may be a multi-year or even a decade's work in front of us. The property sector, along with related industries, contributes as much as 30% to the country's GDP. Still, there may be an upside ahead for China's economy once the property market's problems are resolved, Hong told CNBC.

Persons: Hao Hong, Hong's WeChat, —, Keng, that's, Hui Ka Yan, Hong, Hao, 洪, China's, Hong's, Li Daokui, Evergrande Organizations: CNBC, Weibo, Service, Grow Investment, China, Bloomberg, Investment, CFA, Twitter, Nikkei, Bank of Communications International, People's Bank of China Locations: China, Shanghai, Weibo

TOKYO (AP) — Shares in Asia were mostly higher on Wednesday, shrugging off a sharp decline on Wall Street that took benchmarks back to where they were in June. That pushed the Fed last week to say it will likely cut interest rates by less next year than earlier expected. Besides high interest rates, a long list of other worries is also tugging at Wall Street. On Wall Street, the vast majority of stocks fell Tuesday under such pressures, including 90% of those within the S&P 500. Big Tech stocks tend to be among the hardest hit by high rates, and they were the heaviest weights on the index.

Persons: shrugging, Hui Ka Yan, Australia's, ” Stephen Innes, Brent Organizations: TOKYO, Tokyo's Nikkei, Hang Seng, Bloomberg, Garden Holdings, Dow Jones, Nasdaq, Federal Reserve, Treasury, Fed, U.S, Management, Big Tech, Apple, Microsoft, Federal Trade Commission Locations: Asia, Hong Kong, Shanghai, China, Seoul, Maryland, Carolinas

☆ 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

☆ 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

☆ Morning Bid: Treasury yields march on
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

Long-term Treasury yields, traditionally subdued in Asian hours, spiked to a fresh 16-year peak , keeping the dollar close to multi-month tops to G-3 rivals the euro, pound sterling and yen. Reuters GraphicsAngst over tighter financial conditions pulled down Asia Pacific stocks as well, overshadowing Wall Street's overnight rally and sounding a warning for European equities. Investor jitters were evident in the underperformance of the Hang Seng's property index (.HSMPI), down a resounding 1.9%. Moody's has upped the stakes with a stern warning that potentially puts the country's last triple-A rating on the line. It comes as the U.S. budget deficit continues to widen on higher spending and falling tax receipts.

Persons: Jonathan Ernst, Kevin Buckland, Hong, Moody's, Philip Lane, Riksbank's Per Jansson, Jacqueline Wong Organizations: . Federal, REUTERS, Reuters, Asia, Japan's Nikkei, fester, Bloomberg, U.S, Treasury, Thomson Locations: Washington, Asia Pacific

☆ Crisis at Evergrande deepens as it misses another bond payment
▼ + stars: | 2023-09-26 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Evergrande Group has just missed another bond payment, casting further doubt over the future of the embattled property developer at the epicenter of China’s real estate crisis. China’s property industry once accounted for as much as 30% of the country’s gross domestic product. Questions about financial stabilityConcerns over China’s economic stability have resurfaced, driven by the deepening financial crisis at Evergrande, said Stephen Innes, managing partner of SPI Asset Management. On Sunday, Evergrande surprised investors with an announcement that it was unable to issue new notes due to the investigation into Hengda. It was the first criminal probe launched against Evergrande since it was hit by the debt crisis nearly two years ago.

Persons: Evergrande, Tao Wang, Stephen Innes, ”, Innes, Mengchen Zhang, Marc Stewart Organizations: Hong Kong CNN — Evergrande, Shenzhen Stock Exchange, Getty, China, Asia Economics, UBS, CNN, Evergrande Locations: China, Hong Kong, AFP, Asia, Evergrande

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Acquire Licensing RightsTOKYO/BEIJING, Sept 26 (Reuters) - Oil prices fell on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. Higher interest rates slow economic growth, which curbs oil demand. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Nick Oxford, Tina Teng, Moody's, Fitch, CMC's Teng, JP Morgan, Baden Moore, Katya Golubkova, Andrew Hayley, Sonali Paul Organizations: Midland , Texas U.S, REUTERS, Rights, Brent, U.S, West Texas, CMC Markets, U.S . Federal Reserve, European Central Bank, bbl, National Australia Bank, Thomson Locations: Midland , Texas, Rights TOKYO, BEIJING, Auckland, U.S, China, Russia, Saudi Arabia, Moscow, Tokyo, Beijing

☆ 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

☆ China Risks Property Debt
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +8 min

Source: China Real Estate Information Corp. (CRIC)The physical size of Country Garden’s real estate portfolio is enormous. The Weight of Debt The ballooning debt crisis could delay the prospect of a recovery of both the property market and the broader Chinese economy, in which real estate is a core pillar. China property sector slump China’s property sales, investment and funds raised by property developers slid in January - August 2023 after a sharp fall in 2022. China's property sector accounts for more than half of global new home sales and home building, according to Nomura. Any contraction in the property sector will affect China’s growth, thus sending ripple effects around the globe as the world’s factory slows.

Persons: Evergrande, homebuyers, Nomura, David Stanway, Jason Lee, –, Moody's, Yawen Chen, Amr Alfiky Organizations: Country, Garden, Estate Information Corp, CIFI Holdings, Sunac, National Bureau of Statistics, China, Investment, REUTERS, International Monetary Fund, Nomura, JPMorgan, Dubai, National Bureau of Economic Research Locations: China, Burj, Burj Khalifa, Sunac China, Kunming, Yunnan province, Beijing, Xuchang, Henan province, United Arab Emirates

TOKYO (AP) — Asian shares mostly sank Tuesday over worries about a possible U.S. government shutdown and the troubled Chinese economy. Political Cartoons View All 1179 ImagesRealization is sinking in that the Federal Reserve will likely keep interest rates high well into next year. Higher yields are at the head of a long line of concerns weighing on Wall Street. On Wall Street, Amazon rose 1.7% and was the strongest single force pushing up on the S&P 500. Also on the losing end of Wall Street were stocks of travel-related companies, which slumped under the weight of worries about higher fuel costs.

Persons: Australia's, Korea's Kospi, Evergrande, ”, Tina Teng, That’s, ” Goldman Sachs, David Kostin, what’s, haven’t, Chris Larkin, Morgan Stanley, Brent, Stan Choe Organizations: TOKYO, CMC, Dow Jones, Nasdaq, Federal Reserve, Big Tech, Netflix, Walt Disney Co, Warner Brothers Discovery, Southwest Airlines, Norwegian Cruise, Exxon Mobil, ConocoPhillips, U.S, AP Locations: Hong, Shanghai, Canada, U.S, Anthropic, Norwegian, New York

☆ Fixing China's property sector could take years — if not a decade, says economist
▼ + stars: | 2023-09-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

watch nowChina's urbanization drive may be drawing to a close — and that could further hurt the already ailing property sector, according to China economist Hao Hong. "Fixing the property sector may be a multi-year or even a decade's work in front of us. China's property market has been embattled by faltering consumer confidence, as property giants Evergrande and Country Garden are mired in debt problems. Not having an overbearing Chinese property sector actually is good for the Chinese economy going forward. Hong noted that 18 trillion yuan ($2.46 trillion) worth of Chinese property were sold two years ago.

Persons: Hao Hong, Hong, Hao, Qilai Shen, Keng, China's Organizations: Grow Investment, Hao Hong Grow Investment, Bloomberg, Getty Locations: China, Shanghai's, Shanghai

☆ Insider Today: The fight for remote jobs
▼ + stars: | 2023-09-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Remote workers are doing anything but work in the afternoons. Elena Noviello/Getty ImagesThere are few topics in corporate America as polarizing as remote work. AdvertisementAdvertisementLengthy, expensive office leases might also discourage companies from embracing remote work. As Aki's story points out, that type of rationale from larger companies has created an opportunity for those willing to support remote work. A company's commitment to remote work might not be forever, even if employees view it that way.

Persons: —, Taylor Swift, Travis Kelce, we've, I'm, Chelsea Jia Feng, Insider's Aki Ito, Aki, What's, Elena Noviello, Goldman Sachs, Leonardo Munoz, Rebecca Szkutak, Dominic, Madori Davis, Snyder, Mark Reinertson, Anthropic, Lindsey Nicholson, Jacob Boomsma, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, NFL, nab, TechCrunch, Thistle Technologies, Getty, Employees, Costco, Google, Netflix, Cintas Corp Locations: America, Amazon's, Sioux Falls , South Dakota, Jefferson City , Missouri, New York City, San Diego, London, New York

☆ Morning Bid: Bond crush stifles markets as $134 billion hits
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +6 min

The yield spike has supercharged the U.S. dollar worldwide - both a reflection and aggravator of mounting financial stress far and wide. As Deutsche Bank notes, this is historically significant territory as the average of the 10-year yield going back to 1799 is around 4.50%. The Treasury sells $48 billion in two-year notes on Tuesday, $49 billion in five-year paper on Wednesday and $37 billion in seven-year notes on Thursday. Minneapolis Fed Bank President Neel Kashkari said on Monday the Fed probably needs to raise borrowing rates further. Private sector bankers are starting to brace for the worst, with JP Morgan chief Jamie Dimon reported overnight as warning: "I am not sure if the world is prepared for 7% (Fed rates)."

Persons: Jose Luis Gonzalez, Mike Dolan, South Korea's, Sterling, haven't, Neel Kashkari, Said Kashkari, Austan Goolsbee, JP Morgan, Jamie Dimon, Christine Lagarde, China Evergrande, Michelle Bowman, Christina Fincher Organizations: REUTERS, Federal Reserve, U.S ., Bank of Japan, South, Treasury, Deutsche Bank, Minneapolis Fed, Chicago Fed, European Central Bank, ECB, Dallas Fed's, Chicago Fed's, HK, Richmond Fed, Dallas Fed, Philadelphia Fed, Costco, Cintas, Thomson, Reuters Locations: Ciudad Juarez, Mexico, U.S, Wall St, Asia, Europe, Philadelphia, Washington

☆ Sterling hits fresh multi-month lows on dollar and euro
▼ + stars: | 2023-09-25 | by ( Alun John | ) www.reuters.com time to read: +2 min

Pound Sterling notes and change are seen inside a cash resgister in a coffee shop in Manchester, Britain, Septem,ber 21, 2018. Sterling, on Monday, dropped as much as 0.25% to $1.2213 its lowest since March 2023, though later steadied to trade flat on the day at $1.2242. The euro on Monday briefly touched 87.03 pence, its highest since May, and was last flat a touch below that level. "What we’re seeing today is the Chinese real estate worries bleeding into the European session, weighing on equity markets and then on the euro and sterling," said Nick Rees, FX market analyst at Monex Europe. "That builds on what happened last week with the Bank of England," said Rees, "Markets are now thinking about what the Bank is seeing in the economy."

Persons: Pound Sterling, ber, Phil Noble, BOE, Liz, Nick Rees, Rees, Alun John, Alex Richardson Organizations: REUTERS, Bank of, Bank of England, European Central Bank, Federal Reserve, FX, Monex, Global, China, HK, Thomson Locations: Manchester, Britain

☆ Shares drop as 'higher-for-longer' rate outlook rattles investors
▼ + stars: | 2023-09-25 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 22, 2023. The MSCI All-World index (.MIWD00000PUS), which is heading for its worst monthly performance this year, with a 3.6% drop, was down 0.2% on the day. U.S. 10-year Treasury yields have nudged at 4.5% for the first time since October 2007, and on Monday were up 5 basis points at 4.491%, set for their largest monthly rise in a year, reflecting investor unease over the economic outlook. The dollar index got a boost from the rise in Treasury yields, rising 0.1% on the day. Brent crude futures rose 0.2% to $93.48 a barrel, while West Texas Intermediate rose 0.1% to $90.16.

Persons: Jerome Powell, Frederik Ducrozet, Ducrozet, Powell, Evergrande, Andrew Lilley, Kazuo Ueda, Stella Qiu, Himani Sarkar, Jacqueline Wong, Miral Fahmy, Mark Heinrich Our Organizations: REUTERS, Staff, Global, European Central Bank, Bank of England, Federal Reserve, Treasury, Pictet Wealth Management, Nasdaq, Barrenjoey, Bank of Japan, Brent, West Texas, Thomson Locations: Frankfurt, Germany, U.S, Europe, CHINA

☆ 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's 1.4 billion population can't fill the country's millions of empty homes. Here's 3 things that would.
▼ + stars: | 2023-09-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

He said the estimate is extreme, but said even China's 1.4 billion people can't fill all of them. "How many vacant homes are there now?" The most extreme believe the number of vacant homes are now enough for 3 billion people. But China has yet to publish an official estimate on the total floor space of its empty homes. Government statistics from August say the total area of all unsold homes in China is around 7 billion square feet, per Reuters.

Persons: that's, it's Organizations: Service, China, National Bureau of Statistics, Government, Reuters, Strategic Research Institute, Chinese Academy of personnel Management Locations: China, Wall, Silicon, Western Europe, Beijing, Dongguan

☆ China property stocks tumble as Evergrande drops 25% on debt restructuring roadblock
▼ + stars: | 2023-09-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. Shares of other major Chinese property stocks in Hong Kong also fell as the sector saw a sell-off. The Hang Seng Mainland Properties index slid just over 4% on Monday, while other real estates stocks took a beating. Shares of Evergrande traded as low as 41 Hong Kong cents on Monday. To be clear, Evergrande shares have plunged as much as 87% after resuming trade on Aug. 28, turning it into a penny stock.

Persons: Evergrande Organizations: Group, Logan Group, Hong Locations: Shenzhen, Guangdong Province of China . Hong Kong, Hong Kong

☆ China may have to give bailouts if Evergrande goes down, says China expert Dennis Unkovic
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina may have to give bailouts if Evergrande goes down, says China expert Dennis UnkovicDennis Unkovic, partner at Meyer, Unkovic & Scott, joins 'Power Lunch' to discuss China's Evergrande's tumbling stocks, the implications for the broader Asian real estate market, and more.

Persons: Evergrande, Dennis Unkovic Dennis Unkovic, Meyer, Unkovic, Scott Organizations: China Locations: China

☆ A former Chinese official is telling property developers to 'transform' their businesses as there are more than enough empty homes to house all of China
▼ + stars: | 2023-09-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

A former China statistics official said the country's property developers need to "transform" their businesses. The crisis came to a boiling point this summer when other Chinese real-estate developers ran into similar issues, and the sector started to default on its bond payments. The market was so hot that Chinese developers were taking on massive borrowings to build apartments ahead of demand. In fact, property developers built so many apartments that one-fifth of the homes in China were empty, Insider's Lina Batarags reported in October 2021. There are now fears China's property troubles could spill into the broader domestic economy and the international markets.

Persons: Keng, —, Lina Batarags Organizations: Service, China News Service, US, Reuters, Washington DC Locations: China, Wall, Silicon, China's, Washington

REUTERS/Aly Song/File Photo Acquire Licensing RightsSept 26 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Goldman Sachs' financial conditions indexes for China and emerging markets at large are the highest in almost a year. In China, meanwhile, the property sector is back under the spotlight after shares of property developer Evergrande tumbled 21% on Monday on renewed uncertainty about the firm's debt restructuring. The broader property sector index fell 2.5%. Evergrande shares, but the company is systemically important - it is the world's most indebted developer and the property sector accounts for roughly a quarter of China's economy.

Persons: Aly, Jamie McGeever, Goldman Sachs, Evergrande, Valdis Dombrovskis, Fed's Neel Kashkari, Josie Kao Organizations: China Evergrande Group, REUTERS, U.S, Treasury, Global, Deutsche Bank, Barclays, Union, Thomson, Reuters Locations: Danzhou, Hainan province, China, Asia, Japan, U.S, Beijing, Singapore

☆ Morning Bid: Fed's hawkish pause keeps pressure on markets
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +3 min

Global markets have been feeling the heat as U.S. bond yields surged and a strengthened dollar hit a six-month high following the Federal Reserve's hawkish tone last week. The euro zone central bank also struck a relatively dovish tone. But markets will have plenty of material to pore over this week as they try to glean future Fed moves. In the euro zone, ECB President Christine Lagarde kicks off a string of speeches and remarks this week. Markets are expecting that the euro zone's central bank is done hiking.

Persons: Jonathan Ernst, Brigid Riley, Neel Kashkari, Christine Lagarde, Francois Villeroy de Galhau, Isabel Schnabel, Fed's Neel Kashkari, Edmund Klamann Organizations: . Federal, REUTERS, Brigid, Brigid Riley Investors, Global, Federal Reserve, U.S, Minneapolis, China, HK, ECB policymaker, Bank of France, ECB, Thomson Locations: Washington, U.S, Europe, Britain, Switzerland, Japan, China, Hollywood

☆ 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

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