Asian markets fell Monday on fears about contagion from a possible collapse of teetering property giant China Evergrande, while sentiment was also dragged by the Federal Reserve's plans to taper monetary policy, surging Delta infections and signs of a weakness in the global recovery.
Hong Kong again led the losses with Evergrande due to pay interest on some of its loans and bonds this week, with observers expecting it to default.
Analyst Philip Tse, of BOCOM International Holdings, warned"there will be further downside" unless leaders give a clear signal on Evergrande or ease up on their clampdown on the real estate sector. "The central government's priority of social stability makes restructuring likely with haircuts for debt holders, but spillovers to other listed property developers means there will likely be a real economy impact on the real estate sector," said National Australia Bank's Tapas Strickland.The selling was mirrored elsewhere in Asia.
The Fed's policy meeting this week is being closely followed, with some experts predicting it could set a timetable for winding in its vast bond-buying programme put in place last year to support the economy and equity markets.
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