NAB – The Morning Call · Evergrande Contagion Fears

Evergrande Contagion Fears

Tuesday 21st September 2021

Markets have been running for cover overnight over fears that a default by Evergrande could spread beyond the Chinese property sector to the rest of the world. NAB’s Ray Attrill talks through the response, which has seen equities ditched in favour of bonds, and the money markets running to the Yen and Swiss Franc. But it’s the pound that has fared the worst overnight as their energy crisis continues, which has its own multi-industry contagion. By the time you listen in RBNZ Assistant governor Christian Hawkesby will have given a speech that could impact markets locally, particularly if he gives hints on the size of the expected rate rise. And the Canadian election results will start coming in later today, but there’s every chance it’ll be down to the wire and we won’t know for sure till later in the week.

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