Asia
FX kicked off the week in waiting mode, this week for the barrage of
central bank decisions including those from the Fed, BOJ, BOE and
SNB. Major forex rates moved in limited ranges only.
On
the news front there is no imminent resolution in sight to end a
strike by US United Auto Workers. Negotiations between the union and
GM, Ford and Stellantis are continuing.
China’s
stock markets absorbed the news that Shenzen
police had detained some staff from Evergrande’s
wealth management unit. Evergrande is one of China’s massively
indebted property developer firms in the maelstrom of a property
market crisis that is dragging on China’s economic growth. The
group is undergoing a restructuring plan, including offloading
assets, to avoid defaulting on $340 billion in debt. Shares in the
firm dropped 25% today. China’s
benchmark CSI 300 Index fell
to its lowest level this year. Hong Kong shares fell also.
Asian
equity markets:
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Japan was closed for a holiday today
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China’s Shanghai Composite -0.01%
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Hong Kong’s Hang Seng -0.9%
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South Korea’s KOSPI -0.9%
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Australia’s S&P/ASX 200 -0.6%