Global Stocks Mostly Fall On Renewed Evergrande Fears
New York, Sept 24 (UrduPoint / Pakistan Point News - 25th Sep, 2021 ) :Stock markets mostly dropped Friday, as traders closed out a volatile week for global equities by booking profits amid renewed concerns over troubled Chinese property developer Evergrande.
"The stall this morning is not surprising. The major indices have come a long way in a short amount of time and, consequently, would be seen as needing to take a breather for a bit," said Briefing.com analyst Patrick O'Hare.
Bitcoin, which had already been falling before the announcement, dropped as much as 8.9 percent in value before trimming losses to stand at $42,967, down almost four percent.
But as well as Evergrande, "the continued stalemate among lawmakers on whether to raise the debt ceiling, the Delta variant, and supply chain challenges continue to fester," Charles Schwab analysts commented.
The supply chain woes were highlighted by sports giant Nike Thursday as it cut its sales forecast for the coming quarters.
Brent oil prices, meanwhile, jumped to a three-year peak, boosted by tight supplies particularly in the United States - No 'Lehman moment' - Market players are keeping close tabs on Evergrande, with no sign that it had paid interest to overseas bondholders on a note due Thursday.
While the firm has a 30-day grace period to stump up before it is considered in default, the lack of information is keeping investors anxious.
Markets were sent spinning at the start of the week by fears that the company -- one of China's biggest developers in the crucial property sector -- would go under and drag others with it, in turn jolting the domestic economy and possibly beyond.
Stock markets had enjoyed a couple of strong days prior to Friday on what appeared to be easing concerns over Evergrande.
"Expectations of solid economic recovery and sustained growth in the next couple of years is keeping the bulls enthused," Sandeep Bharadwaj of IIFL Securities said.
- Key figures around 2100 GMT - New York - Dow: UP 0.1 percent at 34,798.00 (close) New York - S&P 500: UP 0.1 percent at 4,455.58 (close) New York - Nasdaq: DOWN less than 0.1 percent at 15,047.70 (close) London - FTSE 100: DOWN 0.4 percent at 7,051.48 (close) Frankfurt - DAX: DOWN 0.7 percent at 15,531.75 (close) Paris - CAC 40: DOWN 1.0 percent at 6,638.46 (close) EURO STOXX 50: DOWN 0.9 percent at 4,158.51 (close) Tokyo - Nikkei 225: UP 2.1 percent at 30,248.81 (close) Hong Kong - Hang Seng Index: DOWN 1.3 percent at 24,192.16 (close) Shanghai - Composite: DOWN 0.8 percent at 3,613.07 (close) Euro/dollar: DOWN at $1.1725 from $1.1739 at 2100 GMT Pound/dollar: DOWN at $1.3674 from $1.3720 Euro/pound: UP at 85.64 pence from 85.56 pence Dollar/yen: UP at 110.73 Yen from 110.33 yenBrent North Sea crude: UP 1.1 percent at $78.09 per barrelWest Texas Intermediate: UP 0.9 percent at $73.98 per barrel