Global stock markets on Tuesday were caught in the grip of contagion fears sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt prompted investors to flee riskier assets.
Shares in Evergrande
Regulators have warned that its $305 billion of liabilities could spark broader risks to China's financial system if its debts are not stabilized."Whether Evergrande can make payments, and if not, whether the authorities will bail it out? Those are the immediate questions," said Masahiro Ichikawa, chief strategist at Sumitomo Mitsui DS Asset Management.
"In the longer term, we could see slower Chinese growth hurting surrounding countries," Ichikawa said.The euro traded at $1.1726 , after having touched a near-one-month low of $1.1700 while the safe-haven yen ticked up to 109.39 yen to the dollar Investors are looking for the tapering timeline on its bond purchases as well as its board members' long-term rates and economic projections.
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