The Yahoo Finance panel discusses the continued drag going on amongst Chinese stocks as concerns over Evergrande’s impact continue to influence the market.
The thought of a Lehman Brothers-esque collapse in China sent U.S. investors running for the exits Monday. The Dow Jones Industrial Average (^DJI) sank 614 points, while the S&P 500 (^GSPC) fell 75 points and the Nasdaq Composite (^IXIC) plunged 330 points. It was the market’s worst one day slide in months and shattered an extended stretch of calm for stocks. The S&P 500 hadn’t fallen more than 1% since mid-August. Investors were rattled by news that the major Chinese real estate developer, Evergrande, is close to defaulting on a mountain of debt and worried that Beijing will allow the company to crash and burn.
(Bloomberg) -- SoftBank Group Corp., one of the biggest foreign investors in China, plans to take a more cautious approach to backing the country’s startups but will continue to cut deals, according to Chief Operating Officer Marcelo Claure.Most Read from BloombergThe Global Housing Market Is Broken, and It’s Dividing Entire CountriesIstanbul Turns Taps on Old Fountains, Joining Global Push for Free DrinksFor Christo and Jeanne-Claude, Wrapping the Arc de Triomphe Is a Final VictoryIs There Room