Police officers hold a sign reading "collect evidence" and film protesters after they started chanting "Evergrande give us back our money", outside Evergrande's headquarters, in Shenzhen, Guangdong province, China September 16, 2021. REUTERS/David Kirton
A look at the day ahead from Dhara Ranasinghe.
Relief is at hand for markets on Wednesday, after China's Evergrande said it would make a domestic bond coupon payment.
U.S. stock futures , the yuan and the risk-sensitive Australian dollar are riding high, while the safe-haven yen and U.S. Treasuries are on the back foot.
Don't get too comfortable -- even if Evergrande makes its Sept. 23 onshore bond payment, it has not indicated whether it can pay $83.5 million in interest due on its March 2022 bond on Thursday. Nor is there any sign the Chinese government plans to mount a last-minute rescue read more .
And with the U.S. Federal Reserve set to conclude its two-day meeting later on Wednesday, perhaps this week's market excitement is not over yet.
After all gas prices are at lofty levels, threatening to hurt consumption, which means central banks meeting across the globe this week are likely to be challenged on the message that inflation is transitory.
For the Fed, weaker-than-anticipated jobs numbers have already dampened expectations it will announce an imminent start to tapering bond-buying stimulus.
It might however clear the way for tapering later this year and show in updated projections whether higher-than-expected inflation or a resurgent coronavirus pandemic is weighing more on the economic outlook. read more
The Bank of Japan just kept monetary policy steady but offered a bleaker view on exports and output, reinforcing expectations it won't join peers mulling a withdrawal of crisis-mode support. read more
Elsewhere, Democrats in the House of Representatives passed a bill on Tuesday to fund the U.S. government through Dec. 3 and suspend a borrowing limit until end-2022. Senate Republicans however have vowed to block it. read more
Key developments that should provide more direction to markets on Wednesday:
- Macy's to hire 76,000 workers for holiday shopping season read more
- China keeps lending benchmark LPR unchanged read more
- DraftKings makes $22.4 bln offer for UK's Entain read more
- Euro zone flash consumer confidence
- U.S. existing home sales data
- U.S. sells 2 year FRNs
- Deputy Bank of England governor Sam Woods speaks
- Brazil may raise interest rates by 100 basis points .
- European earnings: Playtech, IG Group
- U.S. earnings: Nike
Reporting by Dhara Ranasinghe; editing by Sujata Rao
Our Standards: The Thomson Reuters Trust Principles.
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