Wary investors are keeping an eye on the Chinese property giant’s debt troubles
An electronic stock board shows the Nikkei 225 Stock Average figures outside a securities firm in Tokyo, Japan. Picture: BLOOMBERG/ SOICHIRO KORIMAYA
Currencies and commodities were broadly steady, leaving risk-sensitive units like the Australian dollar at multi-month highs, while Brent crude futures inched up to a new three-year peak of $86.10 a barrel. Shares in rival developers drew support on Thursday thanks to reassurance from a number of top Chinese officials that the trouble in the sector would not be allowed to escalate into a full-blown crisis, but global investors remain nervous.
“But below the surface we are uncomfortable about a number of things,” he added, chiefly the slowdown in China’s economy seen in data earlier this week, and concerns about potential fallout from Evergrande’s troubles.Overnight on Wall Street, strong earnings helped the Dow Jones touch a record peak during trade and the S&P 500 rose 0.4% to finish within a whisker of its record closing high. The Nasdaq eased slightly.
Investors have figured that surging energy prices and tightening job markets will pressure policymakers in the US and elsewhere to raise interest rates before long.
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