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Market impact from Evergrande debt woes

Market impact from Evergrande debt woes

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Global Business Review Magazine
Saturday, April 1, 2023
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Market impact from Evergrande debt woes

Market impact from Evergrande debt woes

HSBC Holdings PLC CEO says that they are expecting the debt problems involving embattled property developer China Evergrande Group to have an impact on capital markets. But there is no direct impact on the bank seen by them. Noel Quinn said at a Bank of America conference that he would be naive to think that the turmoil in the market doesn’t have the potential to have second-order and third-order impact. This news was reported according to a webcast on HSBC’s website. He also added that the Evergrande’s situation was concerning, particularly on the capital markets and the bond markets. And they have got to stay close to that.

HSBC’s Hong Kong-listed shares rose 1.8% in early trade. This is in line with gains in the broader market. HSBC’s shares recovered from a 10-month low struck. Evergrande faced a deadline to pay interest on one of its dollar bonds. This was a crucial moment for global investors who were worried that its malaise could spread beyond the country’s property sector. Quinn said that HSBC was very focused on its commercial real estate business in China and Hong Kong. He added that they are focusing typically on Tier 1 cities, Tier 1 properties, Tier 1 lenders. And they are having a well-managed exposure. They are also not unduly concerned by that exposure. Quinn said that HSBC’s loan loss provisions in Hong Kong and China as outlined in its half-year results indicated that the lender was not concerned about its commercial real estate exposure in China. According to Quinn, nothing has happened in the recent weeks that will change that position in his mind for them as a bank, as an institution.

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BYD, a Chinese EV manufacturer, approaches the United States with caution

BYD, a Chinese EV manufacturer, approaches the United States with caution

BOJ resists market expectations for policy changes, pushing the currency down

BOJ resists market expectations for policy changes, pushing the currency down

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • BYD, a Chinese EV manufacturer, approaches the United States with caution
  • BOJ resists market expectations for policy changes, pushing the currency down
  • Household wealth anticipation has declined, claim by global poll
  • How is the bond yield controlled in Japan?
  • Policy takes the u-turn; BoJ’s yield curve may slip

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