Shares are mixed in Asia after troubled Chinese property developer Evergrande warned late Friday it may run out of money.
A man looks at an electronic stock board of a securities firm in Tokyo, Monday, Dec. 6, 2021 . Shares were mixed in Asia on Monday after troubled Chinese property developer Evergrande warned late Friday it may run out of money.
More broadly, investors are struggling with uncertainty about the newest coronavirus variant and about when the Federal Reserve will cut off its support for markets.'s biggest developers, said it may run out of money to “perform its financial obligations” as it struggles to comply with pressure to reduce its $310 billion in debt.
Evergrande's shares plunged 9.8% early Monday, helping pull the Hang Seng in Hong Kong down to 23,467.42. The Shanghai Composite index rose 0.4% to 3,620.92, while the Kospi in Seoul edged 0.1% higher, to 2,972.47. Friday's jobs report, which is usually the most anticipated economic data by Wall Street each month, showed employers added only 210,000 jobs last month. Economists were expecting much stronger hiring of 530,000, and it raised worries the economy may stagnate while inflation remains high. That's a worse-case scenario called “stagflation” by economists, and the omicron variant's arrival makes its likelihood more uncertain.
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