Investors fear property giant’s troubles could hit China’s property sector
A man wearing a protective face mask talks on his cellphone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan. Picture: REUTERS/ATHIT PERAWONGMETHA
S&P 500 futures rose 0.3% following the index’s biggest fall in two months overnight and the Chinese yuan rebounded in offshore trade to recover Monday losses. A test looms on Thursday when Evergrande bond interest payments are due. Failing to settle the interest within 30 days would put the bonds in default. Evergrande shares fell 4% in Hong Kong, though remained above Monday’s lows.
Elsewhere, Australia’s stock market stabilised following Monday’s slump in the shares of the country’s big iron ore miners BHP, Rio Tinto and Fortescue Metals as Evergrande’s wobbles sparked demand concerns. The euro traded at $1.1738, after having touched a near-one-month low of $1.1700 while the safe-haven yen slipped to 109.48 yen to the dollar.
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