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Ever Grand
Coming into yesterday's session, the S&P 500 had fallen in eight of the past ten sessions. It closed on its lows before the weekend and gapped. Nearly the stories in the press blamed China and the likely failure of one of its largest property developers, Evergrande. Those that are prone to the sky-is-falling narratives refer to it as Lehman moment. The S&P 's 2.7% decline yesterday was the largest in half of a year, and the VIX jumped to four-month highs. China, Taiwan, and South Korean markets remain closed today, but the Hang Seng stabilized, and although Evergrande fell further in Hong Kong, others in the property ... (full story)