Evergrande appears to be going bust. It’s turning unruly and happening fast. Bloomie: China Evergrande Group’s crisis deepened after a court froze assets of its listed onshore subsidiary, spurring another selloff in its shares and bonds. The entire 20% stake in Shanghai-listed Langfang Development Co., held by the developer’s main onshore unit, was frozen from
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Corporate earnings were supposed to give Wall Street a lift on Friday night but some cautious revenue estimates from big tech saw a continuation of the risk off mood that has been gripping Asia most of the week due to the Chinese tech stock selloff. Currency markets were little changed after the mid week reversal
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Still strong. Via the AIG: Goods output holds up better than services in lockdowns. Full report. Or try Markit version not so good…
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CoreLogic over the weekend released its daily dwelling values index for July, which showed that property values across the five major Australian capital city markets surged another 1.6% over the month: The rise in values was strong across all major capital city markets except Perth, with Sydney and Brisbane again leading the way: Over the
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Forex markets reversed weekly moves on Friday with DXY suddenly strong on what looked suspiciously like safe-haven buying as risk assets struggled. EUR fell: The Australian dollar was bashed against all major DM crosses. It is already hurtling to new lows versus EUR: Commodities largely reversed downwards (except oil): Exuberant miners woke in fright: EM
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Global Macro / Markets / Investing: ‘Shrinkflation’ strikes: Companies downsize products for same prices – Daily Mail David Stockman on Why Money Printing Doesn’t Generate Economic Growth – International Man Fed Chair Jerome Powell: “Inflation Could Turn Out To Be Higher And More Persistent Than We Expect” – Real Clear Politics U.S. Fed reverse repo
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Americas – US Central America Unemployment US Dollar and US Twin Deficits Fed Fund Futures S&P Sectors and Industries – July 2021 US Population Demographics US Employment & Earnings by Sector 2019 – 2020 US 15 Year Fixed Rate Mortgages US Core Capex US Carbon Capture Projects US Coal Mines
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Global Macro / Markets / Investing: Tencent Is World’s Worst Stock Bet With $170 Billion Wipeout – Bloomberg Coffee prices surge as unusual cold threatens Brazilian production – Reuters Lloyd’s to develop insurance for electric vehicles to fight climate change – Life Insurance International Cannabis part of the future says tobacco giant – BBC Inflation
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Not a very positive end to the trading week here in Asia as the bath of blood in Chinese returned today after a very short reprieve, spilling over into other bourses as a result. Last night’s US GDP print and initial jobless claims sent USD lower but this is being clawed back on defensive buying.
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The auction market has begun to feel the ill effects of lockdowns, with the final national clearance rate falling to 73.0% from 73.7% last weekend, but volumes declining sharply to 1,728 from 2,097. As shown in the next table, lockdowns have hit Sydney especially hard, with the city’s final clearance rate falling to 72.8% from
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