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…
France Threatens to Block Australia–EU Trade Negotiations Over Submarine Deal
France is threatening to block discussions between the European Union and Australia on a free trade agreement after the Australian government rescinded a deal with Paris to purchase French submarines. The move comes a few days after France withdrew its ambassadors from Australia and the United States, after the United States and Australia jointly announced…
Central Bank Group BIS Warns of Green Asset Bubble Risk
LONDON—The central bank to the world’s central banks, the Bank for International Settlements, has warned of the growing risk of a price bubble in environmental-focused asset markets. Some estimates indicate Environmental, Social, and Governance (ESG)-focused assets have soared to a value of $35 trillion and now account for more than a third of all assets…
Homebuilder Confidence Edges up After Recent Plunge to 13-Month Low
Homebuilder confidence inched up in September after falling to its lowest reading in 13 months in August, though optimism was capped by hiring difficulties and building material supply chain issues, according to the NAHB/Wells Fargo Housing Market Index (HMI). Sentiment among single-family homebuilders edged up by one point to a reading of 76 in September, according…
UK Set for Most Widespread Pay Rises in Over a Decade, Says CBI
September 20, 2021
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Business & EconomyCompaniesConfederation of British IndustryEconomiesglobal financial crisisinflationUKwageWorld
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LONDON—More British employers are planning pay rises than at any time since the global financial crisis as they struggle to recruit staff following the coronavirus pandemic and Brexit, data from the Confederation of British Industry (CBI) showed on Monday. The CBI said 44 percent of businesses intended to raise pay in line with inflation and…
Analysis: Investors Brace for a Great Fall in China
September 20, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesEconomiesEuropeevergrandeFallgreatHong KongInternationalInvestmentinvestorsWorld
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LONDON—International investors that have been piling into China in recent years are now bracing for one of its great falls as the troubles of over-indebted property giant China Evergrande come to a head. The developer’s woes have been snowballing since May. Dwindling resources, set against $305 billion of liabilities, have wiped nearly 80 percent off…
Boris Johnson Vows to Do ‘Everything We Can’ to Save Energy Firms Amid Price Hike
UK Prime Minister Boris Johnson promised on Monday that the government would do everything it could to prevent energy suppliers from going under amid natural gas shortages in Europe. According to British offshore oil and gas industrial body OGUK, wholesale prices for gas have surged 250 percent since January, with a 70 percent rise since August…
Lufthansa Launches $2.5 Billion Capital Increase to Repay State Bailout
FRANKFURT—Lufthansa said on Sunday it would launch a capital increase that was expected to raise 2.14 billion euros ($2.51 billion) to pay back part of a state bailout Germany’s top airline received during the coronavirus crisis. The subscription period for the widely-expected rights issue, involving the issue of about 597.7 million new shares, would run…
China to Wall Street: Regulatory Crackdown Not Aimed at Restricting Private Firms
September 20, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesEconomieseconomyFang XinghaiLocal NewsNew YorkNY NewsRegional-Local NewsUSUS-China relationsVice Premier Liu HeWall Street
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BEIJING/HONG KONG—China’s sweeping regulatory crackdown of recent months does not aim to rein in the country’s private enterprises or decouple from the United States or international financial markets, a top Chinese regulatory official told Wall Street leaders last week. The actions instead intend to strengthen the regulation of consumer-facing platform companies with a key role…
Hong Kong Property Stocks See Biggest Loss Since May 2020 Amid Angst Over Evergrande Collapsing
September 20, 2021
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Business & EconomyChinaChina Business & Economychina evergrandeCompaniesEconomiesHK BusinessHong KongHong Kong PropertyInvestmentMarketsproperty developers
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Hong Kong’s property stocks saw their biggest loss since May 2020 amid growing investor angst about China’s property company Evergrande collapsing and the country’s real estate crackdown. The Hang Seng Index (HSI) was down more than 3 percent with China and Japan closed for a holiday, the most since May 2020. Hong Kong real estate giant Henderson Land…
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