Evergrande May Not Be the Lehman Moment That Crashes China's Steel - Bloomberg

2022-06-22 01:13:38 By : Ms. Daisy Huang

Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day.

Live market coverage co-anchored from Hong Kong and New York. Overnight on Wall Street is daytime in Asia. Markets never sleep, and neither does Bloomberg. Track your investments 24 hours a day, around the clock from around the world.

Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. This documentary-style series follows investigative journalists as they uncover the truth

Spot Power Trading to Resume in Australia After Market Failure

Singapore Sees Surge in Covid Cases Linked to New Subvariants

Malaysia’s Carsome Is Said to Delay Singapore, US Dual Listing

Personio Hits $8.5 Billion Valuation in Latest Fundraising Round

Meta Settles Claims That Ads Violated US Fair Housing Laws

Biden to Call On Congress Wednesday to Pass Gas Tax Holiday

Trump-Inspired Menacing of Officials Dominates Jan. 6 Hearing

The World’s Bubbliest Housing Markets Are Flashing Warning Signs

White House Claim of Inflation Cushion Undercut by Savings Data

Pilots Picket as Airline Unions Leverage Summer Travel Woes

Review: A Big Heart And One Googly Eye in 'Marcel the Shell'

Nuclear Is The Future. Tiger and Bill Gates Know It

Could India Fall Under the Same Spell as Russia?

Mortgage Lenders Warned Us Trouble Was Coming

Emmanuel Macron Wants to Pay Workers a Dividend

China’s Consumer Confidence Crisis Will Leave Permanent Scars

How to Mix Strategy Sessions With Karaoke at a Modern Company Retreat

Dartmouth Is Getting Rid of Student Loans for Undergraduates

Hong Kong’s Gay Rights Advocates Fear Civil Crackdown May Undo Progress

Ex-Tesla Worker in Racism Case Turns Down Jury Award After Judge Cuts It 89%

Manchin says EV Tax Credit Bonus Is Gone From Spending Bill

Payouts Fall on Top US Power Grid in Win For Nukes, Blow to Coal

NYC Jails Report Second Death in Two Days as Safety Calls Mount

The 911 for Mental Health Is Almost Here — Ready or Not

Hong Kong’s Floating Jumbo Restaurant Sinks at Sea

Short Sellers Are Having a Field Day Betting Against Crypto Stocks

Crypto Billionaire Sam Bankman-Fried Doles Out Credit Lines to Stem Contagion

Crypto Donors Poured Money Into Politics in May Despite Downturn

Investors are worried that Evergrande’s unraveling will ensnare the property sector and the commodities that feed it. If history is any guide, this sector still has legs.

From the way metal prices have moved in recent weeks, it looks like the wheels are falling off China’s property market.

The price of iron ore futures in Dalian has dropped by half over the past two months, accelerating Monday after the government announced fresh winter pollution curbs for northern steel-producing cities, which typically cut output and demand for rust. Add to that the travails of China Evergrande Group, the property developer that’s at risk of defaulting on some of its $300 billion of liabilities, and it makes up a bearish picture for ferrous metals.