Market Talk – Tuesday, Sept. 21

ASIA:

Crisis-hit Chinese property developer Evergrande used billions of dollars raised by selling wealth management products to retail investors to plug funding gaps and even to pay back other wealth management investors, executives of the company said in a statement. Evergrande financial advisers marketed the products widely, including to homeowners in its apartment blocks, while its managers persuaded subordinates to invest, said the executives of Evergrande’s wealth management division. The Hong Kong-listed group is one of the biggest real estate developers in China and the most indebted in the world. It was worth as much as HK$320bn (US$41bn) last year but its market value has plunged to $3.7bn as it verges on defaulting on its offshore bonds and creditors scramble for repayment.

Stock, Trading, Monitor, Business

Image source: Pixabay

India’s upcoming festive season raises hopes for consumer demand picking up, rating agency ICRA said in a note on Monday, while noting the “unconvincing” performance of high frequency indicators so far this month. Big ticket purchases like automobiles, electronics and even real estate tend to pick up pace during the festive season, which begins in October, but concerns over a potential third wave of coronavirus infections has kept consumer sentiment subdued. Relative to the pre-pandemic levels, diesel consumption, two-wheeler output, vehicle registrations and domestic passenger traffic recorded lower volumes in August 2021, ICRA said.

The major Asian stock markets had a mixed day today:

  • NIKKEI 225 decreased 660.34 points or -2.17% to 29,839.71
  • Shanghai closed
  • Hang Seng increased 122.40 or 0.51% to 24,221.54
  • ASX 200 increased 25.60 points or 0.35% to 7,273.80
  • Kospi closed
  • SENSEX increased 514.34 points or 0.88% to 59,005.27
  • Nifty50 increased 165.10 points or 0.95% to 17,562.00

The major Asian currency markets had a mixed day today:

  • AUDUSD decreased 0.00196 or -0.27% to 0.72392
  • NZDUSD decreased 0.00009 or -0.01% to 0.70085
  • USDJPY decreased 0.1 or -0.09% to 109.28
  • USDCNY increased 0.00084 or 0.01% to 6.48118
1 2 3 4
View single page >> |

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.