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OFFON

Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

The calm before the storm?

09/22/2021 | 05:31am EDT

Investors were having a little sigh of relief after China's Evergrande announced it would make an interest payment on time this week. London's equity markets rose this morning, ahead of the much-awaited Fed policy meeting later today. But there are clouds on the horizon...

On  Sept. 23, Evergrande will make this domestic bond payment, but it has yet to say if it is able to pay $83.5 million in interest due on its March 2022 bond on Thursday. Chinese authorities have not signalled that they would come the rescue of the real-estate behemoth, probably because they want to make an example of it.

Meanwhile, the U.S. Federal Reserve set to conclude its two-day meeting later on Wednesday. Last week’s lower than expected jobs numbers and the numerous threats to the global economy make it unlikely that the central bank will start tapering immediately.

However, the Fed theory that inflation was only transitory is getting less likely, since gas prices are at their highest levels in years, fuelled by the fast economic recovery after lockdowns. And another crisis looms in the U.K., with the government warning about a carbon dioxide shortage, with price surging by 500%, threatening various industries.

But that did not stop the FTSE 100 from jumping 1% this morning after a good session yesterday, boosted by the Evergrande announcement, as well as leisure and energy stocks. Today, metal miners and leisure stocks are amongst the biggest gainers. Gambling group Entain climbed 8.1% after DraftKings made a better takeover bid, while Flutter Entertainment gained 5.8% after a settlement in its legal dispute with the Commonwealth of Kentucky.

Flutter also said today that its Australian business Sportsbet reached a market share of over 50% in the first half of 2021.

Things to read:

CO2 crisis set to spread to Europe, big distributor warns (Financial Times)

Best Universities 2022 in the U.S.: Harvard, Stanford and MIT top the rankings (Wall Street Journal)

UK expects more retaliation after submarines snub for France (Bloomberg)


ę MarketScreener.com 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.21% 0.74816 Delayed Quote.-2.98%
BRITISH POUND / US DOLLAR (GBP/USD) 0.11% 1.37749 Delayed Quote.0.61%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.18% 0.8095 Delayed Quote.2.98%
DRAFTKINGS INC. -5.74% 46.11 Delayed Quote.-0.97%
ENTAIN PLC 0.19% 2127 Delayed Quote.87.47%
EURO / US DOLLAR (EUR/USD) 0.15% 1.16567 Delayed Quote.-4.67%
EVERGRANDE PROPERTY SERVICES GROUP LIMITED 1.70% 4.79 End-of-day quote.-46.42%
FLUTTER ENTERTAINMENT PLC 0.77% 169.8 Real-time Quote.1.74%
FTSE 100 0.20% 7204.55 Delayed Quote.11.52%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.05% 0.013329 Delayed Quote.-2.59%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.21% 0.7163 Delayed Quote.-0.36%
S&P 500 -0.11% 4544.9 Delayed Quote.21.13%