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    FirstFT: Evergrande deadline sends chills through Asia’s debt market

    What’s New in Evergrande Real Estate Group

    Good morning.This article is our onsite version FirstFT Newsletter.Sign up for us Asia, Europe / Africa Also Americas Edition for sending directly to your inbox on weekday mornings.You can reach us firstft@ft.com

    How long have you been following this week’s news?Take us quiz..

    Growing concerns about the Evergrande Ignition sale At the $ 428 billion corner of the Asian bond market, he highlighted how the crisis for Chinese real estate developers is spreading to other assets as traders and investors prepare for yesterday’s significant payment deadlines.

    Payment status because the deadline has passed Remain unknown, CNN reports, bondholders left Waiting for more information.. However, Chinese authorities have urged local governments to prepare for the possibility of the collapse of the Evergrande. According to The Wall Street Journal..

    The Evergrande bond, which was scheduled to pay interest, was trading in $ 0.28. This is a sign of considerable distress as traders are worried about potential fallout if the company begins to miss payments. Failure to pay interest can lead to the largest debt restructuring in China’s history.

    It also presents the most serious shock to date across markets where international asset managers have been fascinated by favorable returns as global bond yields approach historically low levels.

    Xi Jinping, on the other hand, is only one year away from the unprecedented power of the third term. The biggest financial bet on his presidency By putting Evergrande on the brink of bankruptcy. (FT, CNN, Reuters, WSJ)

    read more:

    What impact do you think it would have if Evergrande became the default?Please email me at emily.goldberg@ft.com Please let us know what you think. Thank you for reading FirstFT Asia. — Emily

    5 more stories in the news

    1. Goldman executives who led the launch of retail banking depart Harit Talwar, who led Goldman Sachs’ retail banking efforts Leave the bank in October, 10 months after he handed over the day-to-day operations of the business. This departure embodies the transition to a new level of leadership in the consumer business.

    3. Turkey cuts interest rates as inflation soars Central Bank Unexpectedly lower benchmark interest rates Despite inflation accelerating and borrowing costs effectively turning negative on Thursday. Lira fell more than 1.5% after the decision, hitting a record low of TL 8.80 against the US dollar.

    3. US Special Envoy to Haiti Resigns The US envoy to Haiti Resign in protest He described the Biden administration’s “inhuman and unproductive decision” to deport thousands of Haitian migrants.

    4.4. China calls for end sanctions on Afghanistan Beijing called for economy Sanctions on Afghanistan lifted And the Taliban have been given access to billions of dollars in frozen foreign exchange reserves, highlighting a deep rift between China and the West for the country’s future.

    5. The United Nations Framework Convention on Climate Change raises hope ahead of COP26 The surprising announcement from President Xi Jinping, coupled with Beijing’s termination of funding international coal-fired power plants and a new pledge from President Joe Biden to double US climate aid. Injected an optimistic and unusual note Just five weeks before the Glasgow summit, we entered into fierce climate negotiations.

    Coronavirus digest

    • NS Asian Development Bank Have Lowered 2021 economic growth forecast for the development of Asia amid concerns about the direction of the pandemic.

    • Novavax I applied Emergency use authorization Approval of Covid-19 vaccine from the World Health Organization. This will allow the vaccine to be used in the Covax program.

    • NS England Issued Last-minute quarantine exemption For the Ministers of the “Red List” countries attending the next UN Climate Summit.

    • America Food and Drug Administration approved 3rd shot Development of BioNTech / Pfizer Covid-19 vaccine for vulnerable Americans.

    • Covid-19 schoolchildren’s case England Soared to Record high, Raises concerns about further educational turmoil.

    A graph showing that the number of cases of school-age children in the UK has surged to a record high, showing signs that this is pervading the age group of parents.

    Future days

    Japan’s economic data Consumer Price Index and PMI of Manufacturing and Services Released today..Last month, the national service sector Shrink at the fastest pace In over a year. (FT, Reuters)

    British Labor Conference The annual summit begins on Saturday in Brighton. Labor leader Sir Kiel Starmer Living cost crisis..Prior to the meeting, Starmer was facing pressure Delay the plan Rewrite Labor Party leader election rules.

    German elections National elections are widespread, ahead of Sunday’s election day and the end of the Angela Merkel era.Rarely is such an important democratic movement With so much uncertainty.. Never before have Germans faced such a wide range of election results.Follow the latest information Voting tracker And ours Europe Express Newsletter.

    Live update chart of the latest voting intent survey for the German Bundestag elections.

    Other things we read and hear

    The collapsed Blackstone deal shows that “everything is political” in China The private capital industry has been forced to suspend $ 3 billion in transactions to buy out real estate developer Soho China. Reassessment of betting About the second largest economy in the world. The episode emphasized that even highly connected ones can have difficulty navigating the political environment of a country.

    Inside the ESG special 5-part podcast series Analyze the huge amount of money that flows into sustainable investment and get it up and running today.Produced in partnership with Moral money team, NS First part of the series Is it true that ESG investment can address some of the world’s most pressing issues, such as climate change and inequality?You can hear the second part here..Sign up for our moral money email here..

    Biden’s Tax Planning Quiz How much do you know about President Joe Biden’s tax proposal? Answer FT’s new quiz about proposals to pass Congress. First question: How has the maximum federal income tax rate (%) changed over time? What is it today?Click to answer here..

    5 points from the latest Fed conference This week’s Federal Reserve Board concludes with a clear message: US monetary policy has become quite strict.From debt cap issues to fears of transmission due to the debt crisis in China’s Evergrande Group, FT Colby Smith Points from this week’s meeting..

    What can we learn from Afghanistan’s early crypto economy Wealth Afghans are reportedly using cryptography to save wealth and move money abroad. With this development, we need to ponder the slippery topic of trust and “credit” in finance. Whether we live far away from the country or like or hate Bitcoin Gillian Tett writes..

    fashion

    FT’s Lauren Indvik Dispatch from London Fashion Week, A moment of British fashion trials. She emphasizes the energetic debuts of Stephen Stalkie Daily and Harris Reed and the arrival of Mayor Sadiq Khan, who has spurred a rather modest schedule.

    Members of the National Youth Theater modeled SS Daley's debut solo exhibition © Haydon Perrior for Thomas De Cruz Media (@haydonperrior for @thomasdecruzmedia)

    Members of the National Youth Theater modeled SS Daley’s debut solo exhibition © Haydon Perrior for Thomas De Cruz Media (@haydonperrior for @thomasdecruzmedia)

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