HONG KONG/NEW YORK—Persistent default fears eclipsed efforts by China Evergrande Group’s chairman to lift confidence in the embattled firm on Tuesday, as Beijing showed no signs it would intervene to stem any domino effects across the global economy. Analysts played down the threat of Evergrande’s troubles becoming the country’s “Lehman moment,” though concerns about the…
China Evergrande’s Rising Default Risks Shift Focus to Possible Beijing Rescue
September 22, 2021
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Swedish Riksbank Holds Course, No Rush to Exit Pandemic Policies
STOCKHOLM—Sweden’s central bank kept key policy unchanged on Tuesday and forecast the benchmark repo rate would remain at zero in coming years, showing little sign of being in a hurry to tighten monetary conditions despite a rapid recovery from the pandemic. Sweden’s gross domestic product is back to its pre-pandemic size, inflation has topped the…
Bank of America Cuts China Growth Forecast Under Evergrande Shadow
September 21, 2021
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Bank of America (BofA) cut its China growth forecast on Tuesday in response to intensifying troubles at property giant Evergrande, a fresh COVID-19 outbreak, and a widespread regulatory squeeze, going beyond warnings issued by other investment banks. While BofA trimmed its real gross domestic product (GDP) growth forecast for China for this year to 8.0…
Investors Grappling With Evergrande Fallout Weigh Risk of Wider Pain
September 21, 2021
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NEW YORK—Investors unnerved by the fallout from heavily indebted Chinese real estate company Evergrande were gauging the potential for a wider shakeout after a selloff hit stocks around the world. For now, many U.S.-based investors believe there is little chance that the woes of Evergande, China’s second-largest property developer, could morph into a systemic crisis…
Evergrande Falls Further as S&P Warns Chinese Bail Out Unlikely
China Evergrande Group’s stock and bond values fell further on Tuesday, fueling concerns about broader influence after S&P Global Ratings warned that Beijing is unlikely to bail out the developer. Evergrande’s shares in Hong Kong fell as much as 7 percent on Tuesday before closing 0.4 percent down, following a 10 percent drop the previous…
Fed Faces Jittery Markets Ahead of Key Policy Meeting That Will Consider Stimulus Rollback
September 21, 2021
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Markets remained jittery from China’s Evergrande troubles as investors look to the Federal Reserve’s two-day policy meeting Sept. 21–22 for developments around policymakers’ projections for future rate hikes and the timing and pace of tapering the central bank’s massive bond buying program. Asian stocks struggled to shake off contagion fears on Sept. 21 and selling…
Fed to Reveal New Projections With Investors on Alert for Rate Liftoff Timing
Federal Reserve officials will lay bare how soon and how often they think the economy will need interest rates rises over the next three years when they release new forecasts at their policy meeting on Wednesday, with investors on alert for a faster pace of tightening. The so-called “dot plot,” released quarterly, charts policymakers projections,…
Stocks Drop the Most Since May on Worries Over China, Fed
Stocks on Wall Street closed sharply lower Monday, mirroring losses overseas and handing the S&P 500 index its biggest drop in four months. Worries about debt-engorged Chinese property developers—and the damage they could do to investors worldwide if they default—rippled across markets. Investors are also concerned that the U.S. Federal Reserve could signal this week…
Wall Street Set for Weak Open as Technology Shares Extend Losses
September 17, 2021
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U.S. stock indexes were set for a lower open on Friday, as steady yields for government bonds following an unexpected rebound in retail sales this week pointed to more movement out of heavyweight technology stocks. FAANG stocks, including Apple Inc. and Alphabet Inc., some of the largest tech names on Wall Street, fell slightly in…
S&P Ends Modestly Lower as Rising Treasury Yields Offset Robust Retail Data
September 17, 2021
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NEW YORK— The S&P 500 ended slightly down on Thursday, paring losses in late trading after unexpectedly strong retail sales data underscored the strength of the U.S. economic recovery. The three major indexes spent much of the day in negative territory as rising U.S. Treasury yields pressured market-leading tech stocks, and the rising dollar weighed on…
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