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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI China Daily Summary: Wednesday, December 11
Evergrande Makes Delayed Coupon Payment, Light Rally, Next Hurdle Eyed
The major regional equity indices trade little changed to marginally firmer in Asia, with news that China Evergrande has deployed the funds to prevent an official default on the initial missed coupon payment on one of its US$ bonds providing light support. Note that the relief rally was only limited, with the payment not changing the long-term dynamic surrounding the troubled firm. A similar payment needs to be made come the end of next Friday to avoid default on another missed coupon payment.
- Questions surrounding the fiscal impasse in Washington DC & President Biden reaffirming support for Taiwan in any instances re: Chinese aggression also limited any rally.
- E-minis were mixed. They generally recovered from worst levels on the back of the aforementioned Evergrande news. The DJIA was a touch firmer, while the S&P 500 hovers around neutral levels. Meanwhile, the NASDAQ 100 trades nearly 0.5% lower on the day. The underperformance for that contract stemmed from guidance from Intel after the company warned that margins are set to be lower than current levels for 2-3 years (although gross margin is set to hold above 50%).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.