Five Things You Need to Know to Start Your Day

Five Things You Need to Know to Start Your Day

Countdown to an Evergrande restructuring plan, markets await another Fed rate hike, monkeypox is testing Covid-19 strategies, and China's leaders get jabbed. Here’s what people are talking about.

The clock is ticking for the world’s most indebted developer, whose liquidity woes sparked a broader debt crisis in China’s property industry. China Evergrande Group previously said it was on track to deliver a preliminary restructuring plan by the end of July. That leaves mere days for the builder with about $300 billion of liabilities, just as a shakeup stirs fresh uncertainties. Chief Executive Officer Xia Haijun was forced to resign amid a company probe and Chief Financial Officer Pan Darong was also made to step down. Siu Shawn, who takes over as CEO, said that the firm has reached “basic consensus” on debt restructuring principles with multiple major global creditors.

The Federal Reserve will probably have to inflict much more pain on the economy to get inflation under control. Chairman Jerome Powell and his colleagues are expected to approve another 75 basis-point interest-rate hike this week and signal their intention to keep moving higher in the months ahead. Growth is already slowing in response to the Fed’s repeated rate increases, with the housing