- On Thursday, stocks and bonds slid across the region as investors processed new signals of Chinese weakening and the potential of increased interest rates from the Federal Reserve.
- Shares in Japan, Australia, China, and South Korea also sank, pulling a regional equity barometer to levels not seen since March and setting the stage for the region's largest 2-day drop since October.
- Early falls in Hong Kong's Hang Seng index put it on track to enter a bear market from its latest top in January. Tencent disappointing revenue presented a warning for the country's IT industry, weighing on Chinese stocks alongside a drumbeat of gloomy corporate and macro news.The country's real estate recession could be worse than official figures indicate.
- The country's real estate recession could be worse than official figures indicate. One of China's largest shadow banks failed to pay for multiple investment packages, resulting in unusual protests in Beijing. The firm provides high-yielding trust products related to the country's troubled real estate market. The Chinese securities regulator has developed a case against a unit of China Evergrande for possible information disclosure violations, according to the company.
- On Wednesday, China's central bank boosted shaky morale with a stronger-than-expected reference rate for the yuan and the largest injection of short-term cash into the financial system since February. So far, the initiatives have failed to revive hope, with the US Treasury warning about the global economic ramifications.
