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Evergrande Sell Off And Bitcoin
After covering the Evergrande Real Estate Group last week in Daily Dive #060, our biggest concerns were with increased contagion spread to the Chinese economy and global markets. Since then, we’ve seen a tidal wave of Chinese market sell-offs in the real estate sector, a rise in China bond yields and a larger S&P 500 correction unfolding at the same time. China junk bond yields continue to climb past their March 2020 highs at 14% plus, while the Hang Seng Index fell an additional 8.35% since September 7. So far, the largest contagion spread impacts show up in China’s over-leveraged real estate sector with ... (full story)
