Analysts argue the sell-off on Thursday was largely fueled by those mispositioned in the market and not ephemeral news
Trading of Evergrande shares was halted on Monday, but both digital asset and stock markets are shrugging off the news
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Fitch Ratings downgraded the Chinese real estate developer to ‘Restricted Default’ on Thursday, amid restructuring plans that could leave offshore bond-holders taking a haircut.
CPI sees its hottest read in over 30 years of 6.2% year-over-year, BTC rallied on the inflation print but then corrected due to liquidations.
Although DMSA claims that Evergrande didn’t pay its interest payments, a Clearstream spokesperson told Bloomberg it received overdue interest payments on three US dollar bonds issued by the Chinese developer.
China Evergrande Group is selling a $5.1 billion interest in its Evergrande Property Services Group to the 13th largest property developer in China.
The Chinese real estate developer is offloading a 20% stake in Shengjing Bank, to raise $1.5 billion of the $305 billion Evergrande owes creditors.
Sources described the government’s actions as a way of “getting ready for the possible storm.”
A jittery day for both Wall Street and digital asset investors questioning whether Evergrande debt woes can be contained.
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Get your macro fix with Blockworks’ own Mike Ippolito and Tyler Neville.