Asian shares dropped and Treasury yields held firm on Tuesday, as a global energy crunch fuelled inflation fears and concerns about Evergrande's debt problems intensified, clouding investor sentiment before the U.S. corporate earnings season.
on Tuesday missed its third round of bond coupon payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near-term.European markets appeared set for a lower open with pan-regional Euro Stoxx 50 futures down 0.73% and London's FTSE futures falling 0.55%. U.S. stock futures, the S&P 500 e-minis , shed 0.33%.was down 0.9%, while Chinese stocks also fell.
"Many in the market are currently in the wait-and-see mode," said Zhang Zihua, chief investment officer at Beijing Yunyi Asset Management. "Investors are eagerly watching if there will be any measures from Beijing to help solve Evergrande's debt problem, which would need comprehensive plans." Reuters reported earlier that some bondholders said they did not receive coupon payments totalling $148 million on Evergrande's April 2022, April 2023 and April 2024 notes due by 0400 GMT on Tuesday. Rivals Modern Land and Sinic Holdings also became the latest developers scrambling to delay bond payment deadlines.
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