E China's Rescue Of Evergrande

'twas the night before Christmas and all through the house, not a creature was stirring, not even a mouse.

That is my reaction to the China-only attempt to obtain the rescue of Evergrande real estate in China by allowing bond defaults outside its mother country. The Hong Kong reaction was a 7.1% rise in the Hang Seng index. (We own shares in the index manager and other banks which also did better today globally.)

Again the number of jobless last week was higher than the forecast, at 351,000 vs 320,000. The recovery is lagging. 

Numbers on Monitor

Image Source: Pexels

Oil prices are rising but so is the euro, the currency of those needing fuel. BP plc  (BP) will consider rationing to spread its petroleum and fuels more widely, and to try to stop a British plan to add to its taxes. Britain is short of truck drivers after Brexit. Shell is still basking in its exit from the US shale. (RDS-B).


General Electric, a share I have owned forever, rose on news that it has bought BK Medical for $1.45 mn. Its target makes ultrasound systems used during surgery and therapeutics. GE gained 3%.

Nokia  (NOK) will work with Dallas-based Equinox Fabric to create a 5G network offering artificial intelligence, machine learning, augmented and virtual reality, and hybrid applications. NOK rose but so did arch-rival Ericsson.

Ituran (ITRN) of Israel, the maker of vehicle tracking software, which we sold, is buying its Spanish sub outright.

Vedanta (VEDL) of India will delist its ADRs as there is a very low volume of trading. We sold VEDL but if you still own it get out.


Novavax (NVAX) will deliver Covid jabs to India after the Serum Institute trials showed the jab is nearly 90% effective. It will apply to the WHO to use its drug.

To help its beleaguered CEO Emma Walmsley, GSK (GSK) has hired the former investor relations manager of rival AstraZeneca (AZN), Nick Stone.

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