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Business and Market Discussion / View from India

2021-09-17

Business and Market Discussion / View from India

2021-09-17
 Troubled property developer China Evergrande said Thursday that it will suspend trading of all its local bonds for one day for investors to assess the impact of a credit rating cut by China Chengxin International. Evergrande's Shanghai traded corporate bonds were downgraded to ‘A’ from ‘AA’ by China Chengxin.

Hong Kong shares continued their steep decline into a fourth day on concerns over the potential default of China Evergrande and tighter scrutiny of the Macau casino industry. The Hang Seng Index touched a ten-month low. The benchmark index was down over 500 points at one stage, before closing 365 points, or 1.5% lower, at 24,667. The Hang Seng Tech Index tumbled 1%. Shares of China Evergrande fell to their lowest level since October 2011, losing more than 10% at one stage before closing 6.4% lower, taking its losses for 2021 to over 82%. Macau casino operators were hammered again yesterday by regulatory risks following their crash on Wednesday. The Macau government has opened a 45-day public consultation on revising its gaming law. The sell-off has erased more than US$19 billion in market value from Macau casino stocks over the last two days.

On today’s Money Talk, we’re joined by Kenny Wen of Everbright Sun Hung Kai and Nate Taplin from the Wall Street Journal’s Heard on the Street. With a view from India is Toby Lawson, CEO of Societe Generale India.

Money Talk

A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Presented by former CEO and investment bank global trading head Peter Lewis, with over 30 years' industry experience. Join Peter and his expert guests for analysis and discussion on the day's top business stories live every weekday morning 8 to 8:30 a.m. on RTHK Radio 3. We have a podcast to download after the show and you can also listen through the RTHK Radio 3 website live or later in the day. We welcome your questions, comments and feedback to read out in the show. You can email us at moneytalk@rthk.hk, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
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