Asian Shares Down As China Firms Teeter On Bankruptcy
Asian shares fell, and the dollar remained firm on Monday as investors looked ahead to a week packed with central bank meetings, including the Federal Reserve and the Bank of Japan.
China Evergrande Group was back in the news as police in southern China detained some staff at its wealth management unit. I Photo: Essnglkoerm Huong Wikimedia Commons
These meetings will be closely scrutinized for insights into the global monetary policy outlook, as reported by Stella Qiu for Reuters.
S&P 500 futures advanced 0.2%, while Nasdaq futures edged 0.1% higher. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5%, with Australia's resource-heavy share market dropping 0.7%, and Hong Kong's Hang Seng index down 0.7%. Japan's Nikkei is closed for a holiday.
The spotlight in the Asian morning was on Chinese property developers listed in Hong Kong, which tumbled 2%, partly due to a 25% plunge in China Evergrande Group.
Police in southern China detained some staff at its wealth management unit, marking the latest trouble for the embattled property firm.
Additionally, Chinese trust firm Zhongrong International Trust Co., with exposure to Chinese property developers, announced over the weekend that it was unable to make payments on some trust products on time."