Asian stock markets made a cautious start on Wednesday and the dollar held firm amid lingering nerves about the fallout from a looming failure at developer China Evergrande and anticipation the Federal Reserve may move a step closer to tapering.
Singapore-traded FTSE China futures are about 2% below Friday's closing level. Safe-haven assets such as the yen and U.S. Treasuries rose slightly in morning trade.
S&P 500 futures fell 0.4% in early Asia trade and the offshore yuan was under pressure near a one-month low at 6.4850 per dollar. Hong Kong markets are closed for a holiday. "As a consequence, Evergrande can perhaps be seen not so much as a potential crisis trigger but rather a symptom of a broader policy shift which threatens Chinese growth as politics dominate economic considerations."
The firm's distress has already spread to other developers, and an index of high-yield Chinese corporate debt
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