Chinese developer Evergrande has dodged default for the third time in a month but it is unlikely China’s broader economy can avoid damage from the property sector malaise. Upcoming data might show just how bad it is. Whether December’s Bank of England meeting will be a “live” one may be determined by British data, especially on jobs. Finally, Turkey, defying near-20 percent inflation, seems set to cut interest rates again. 1. Housing Costs Eleventh hour payments of overdue interest are helping China Evergrande squeak clear of default; the latest one has momentarily staunched bleeding in credit markets. It is cold comfort as investors count the cost of a crippled property sector on China’s economy. Demand worries have pounded iron ore prices but despite signs of economic slowdown, the hoped-for policy easing is yet to meaningfully arrive. Home price data on Monday may show values stalled or even slowed last month. …
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