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Sunday, October 17, 2021

Global shares retreat after Evergrande shares are suspended

Global stocks fell as Hong Kong’s benchmark fell more than 2 percent after troubled property developer China suspended trading in shares of Evergrand.

Share prices fell in Paris, Frankfurt and Tokyo. US futures have also declined.

China did not say why Evergrand suspended its shares, but a Chinese financial news service, Kylian, said another major developer was planning to buy Evergrand’s property management unit.

Evergrand is struggling to pay off more than ০০ 100,000 billion in debt because it endures a cash crunch by tightening Chinese government restrictions on Chinese leverage.

Germany’s DAX fell 0.2 percent to 15,131.70 and the Paris CAC 40 fell 0.3 percent to 6,498.98. Britain’s FTSE 100 was flat at 7,027.72.

The Dow Industrial Average futures are down 0.3 percent and the S&P 500 is down 0.3 percent.

In Asian trading, Hang Seng fell 2.2 percent to 24,036.37 and Tokyo’s Nikkei 225 fell 1.1 percent to 28,444.89. Shares in Taiwan fell 1 percent.

A woman walks past a bank’s electronic board, showing a Hong Kong stock index on the Hong Kong Stock Exchange. October 2021.

The Australian S&P / ASX 200 rose 1.3 percent to 7,278.50. On Friday, its government outlined plans to lift an epidemic ban on its vaccinated citizens traveling abroad from November, although it has not yet been reintroduced for international travelers.

Markets were closed for the holidays in Shanghai and South Korea.

Crude prices fell slightly ahead of a meeting of major oil producers. There were no signs of an impact on oil prices falling off the pipeline off the coast of California.

An estimated 126,000 gallons (572,807 liters) of heavy crude was thought to have leaked from a groundwater pipeline from Orange County. The leak was reported to have become obsolete by the end of Sunday.

The environmental impact could be far worse than any impact on the overall oil supply. The amount of leak was about 3,000,000 barrels, while the United States 1 per day. produces millions of barrels of crude oil.

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The U.S. benchmark crude oil rose 9 cents to .9 75.97 a barrel in electronic trading on the New York Mercantile Exchange. On Friday it rose 85 cents to .8 75.88 a barrel.

Brent crude, the international benchmark, rose 19 cents to 79 79.47 a barrel.

Oil prices have been on a year-to-year high since Hurricane Ida hit a seaport that serves as the primary support center for the deep-water coastal oil and gas industry in the Gulf of Mexico, worsening supply conditions, at least temporarily.

APEC
The OPEC logo before an informal meeting between members of the Organization of Petroleum Exporting Countries (OPEC) on September 28, 2016 in Algiers, Algeria.

OPEC and other major oil producers were frustrated by the deepening production cuts in 2020 at the height of the epidemic and are slowly increasing production.

OPEC Plus members may consider raising production levels to meet growing demand as they sit in Monday’s meeting, Mizuho Bank said in a statement.

Wall Street revived on Friday, led by companies that would benefit the most from a healthier economy. The S&P 500 rose 1.1 percent to 4,357.04. But the U.S. market still had their worst week since the winter.

The Dow Jones Industrial Average rose 1.4 percent to 34,326.46. The Nasdaq Composite rose 0.8 percent to 14,566.70.

Yields in the 10-year Treasury were stable at 1.48 percent on Monday.

September was the worst month for the S&P 500 since March 2020, when the market sank as the Covid-1 shutdown closed.

Market concerns include: Federal Reserve closing its accelerator in support of the market, economic data mixed recently after the outbreak of Kovid-1 infections, corporate tax rates could rise and political unrest over US debt limits and funding for President Joe Biden’s infrastructure initiatives. Continues.

In currency trading, the dollar rose to 111.17 Japanese yen from 110.96 yen at the end of Friday. The euro rose from $ 1.1614 to 1.1614.

Written by Ellen Curtenbach

Associated Press

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This News Originally From – The Epoch Times

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