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Key News
Asian equities were lower as the Philippines outperformed and Hong Kong underperformed, while Pakistan was closed for Mawlid-al-Nabi, the celebration of Mohammad’s birth.
Real estate headlines surrounding Evergrande’s continued troubles weighed on sentiment. Does the Fed and US government regret allowing Lehman Brothers to go bankrupt? I would hope so, which begs the question: why would the Chinese government allow Evergrande, or other big, distressed developers, to suddenly go bankrupt? Yes, the companies will cease to exist at some point/need to finish all of their projects, but a sudden default remains unlikely. The issue won’t go away as bond coupons and principal repayments will continue to be problematic. Did you know China hasn’t had a recession in thirty years despite the constant narrative of impending doom? Ultimately, buyers remained on the sideline.
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