By Gina Lee
Shares of Investing.com Asia-Pacific were down Monday morning. Investors in the region have continued to sell stocks as concerns over the debt situation of the China Evergrande group (HK: 3333) persist.
Japan’s Nikkei 225 slipped 1.83% at 9:39 p.m. ET (1:39 GMT) as markets reopened after a public holiday. The Bank of Japan will render its political decision on Wednesday.
In Australia, the ASX 200 edged down 0.11%, with the Reserve Bank of Australia publish the minutes of its last meeting earlier today.
Hong Kong’s Hang Seng Index fell 0.79%.
The Korean and Chinese markets were closed on Tuesday.
Treasury bills kept an advance on the US Federal Reserve’s latest policy decision, which will also be released on Wednesday. Investors will be looking for clues on the central bank schedule for asset reduction and interest rate hikes.
Officials including Fed Chairman Jerome Powell, Governor Michelle Bowman and Vice President Richard Clarida to discuss economic recovery after COVID-19
Across the Atlantic, the bank of england will make its political decision on Thursday.
In Asia-Pacific, concerns over whether China Evergrande Group will be able to pay his $ 300 billion in debt. The company has an interest payment of $ 83.5 million for its March 2022 bond due Thursday and a second interest payment of $ 47.5 million due September 29 for its March 2024 notes.
Markets are clearly worried about the potential ripple effects of Evergrande, as well as some nervousness over the September Fed meeting, Cliff Hodge, chief investment officer of Cornerstone Wealth, told Bloomberg.
We were in the camp that was late for a correction, something in the 5% -10% range which is a buyable withdrawal. At the moment, they weren’t worried about a stock market crash. The Fed and Evergrande are not new.
China’s real estate sector is one of many countries facing increased restrictions under President Xi Jinping’s Common Prosperity Initiative. It comes amid new outbreaks of COVID-19 in the country, hampering economic recovery and the prospect of reduced political support from the People’s Bank of China.
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