Evergrande Doubts Revive, Bonds Stabilize, Nike Woe – What’s Moving Markets By Investing.com – Investing.com

Evergrande Doubts Revive, Bonds Stabilize, Nike Woe – What’s Moving Markets By Investing.com – Investing.com

By Geoffrey Smith -- Treasury bonds stabilize after their biggest one-day sell-off in months. Jerome Powell and two other top Fed officials may speak to that later. China Evergrande failed to pay all its bondholders on time, putting it technically in default. China's central bank again intervened to keep markets calm, before an old statement lashing out at cryptocurrencies ruffled feathers again. Chinese industry is also suffering increasingly from power shortages as local administrations scramble to meet their pollution targets. And Nike (NYSE:)'s earnings disappoint due to sustained factory closures in Vietnam because of Covid-19. Here's what you need to know in financial markets on Friday, 24th September. 

1. Evergrande doubts revive; PBoC intervenes again

China Evergrande fell into technical default after failing to pay all the holders of its dollar bonds by the prescribed deadline on Thursday. The company has a 30-day grace period in which to satisfy the claims before it is officially declared in default but, given that the company has already stopped paying many of its contractors and some of its staff, that is just semantics.