Even though NASDAQ, SPX500, & DOW all raised by roughly 1% last market closure after Evergrande default. This Monday will be the first day of trading in the Chinese stock exchange (Shanghai) after Evergrande official default on Friday.
To put you on prospect. Evergrande is the 2nd largest property and land developing company in China. It also ranks 122nd world wide in market value. The company has 300 billion dollars of debt with only 77 billion dollars sales & net profit of 1 billion dollars. Evergrande has failed to pay 2 out it’s over due bond for the sum of 88.2 million dollars even after receiving 30 days extension prior for payment. These coupons are paid for variety of companies & individuals.
The Chinese government has announced that it will not bail Evergrande.
Shanghai Stock Exchange will open for trading after almost 24 hours from now. The Market, investors, hedge fund managers and many more are anticipating how Evergrande default will reflect on the ! market & eventually effecting the crypto market.
Edit: I’m amazed of the amount of self appointed gatekeepers for CC like they own this subreddit & don’t want anyone to post what they disagree with.