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Monday, October 18, 2021

Fear of collapse of Chinese giant Evergrande leads to falling international markets

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International markets are under pressure and shares on the New York Stock Exchange are falling, with the Nasdaq index losing more than 3% as concerns grow on the one hand about the pace of economic growth in the US and on the other hand about the possible spread of Chinese problems. Evergrande real estate.

Investors also appear nervous ahead of this week's meeting of the Federal Reserve, which will set its future policy.

Concerns about a possible Evergrande bankruptcy appear to be affecting the market more broadly. The S&P 500 index also fell 4,8% from the high recorded on September 2.

"Today the market is falling due to the threat of transmitting the crisis in the Chinese real estate market, despite the many good news recently about Covid-19," explained Jake Dolarhaid, CEO of Longbow Asset Management in Tulsa, Oklahoma.

Evergrande is currently facing a debt of 260 billion euros. "Fear of bankruptcy fuels fears that it will evolve into a new Lehman Brothers," said Michael Husson, an analyst at CMC Markets, referring to the US bank whose collapse caused the 2007-8 crisis.

Earlier, the Hong Kong Stock Exchange also recorded large losses (-3,30% at closing), the only major Asian stock exchange to open today, as well as the European ones: Paris closed 1,74% lower, Milan was at - 2,57%, Frankfurt at -2,31% and London at -0,86%.

The Chinese economy has already shown many signs of decline in recent weeks, both in consumption and production. "Any slowdown in the Chinese economy would have a significant impact on the demand for raw materials, as China is the world's largest consumer of many metals and minerals," said Ras Mold, chief investment officer at AJ Bell.

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