While the scale of the property downturn is still unclear — sales have rebounded slightly after falling more than 50 percent in some big cities — investment in big property projects has stalled. What is clear is that the real estate boom was fueled in part by foreign investors, who over the last four years pumped tens of billions of dollars into the Chinese property market, hoping to snap up office buildings, luxury villas and stakes in big developers. Often the investments were routed through places like the Cayman Islands or the British Virgin Islands. A favorite investment play was the pre-initial public offering deal.
Argentina's international bonds fell to record lows on Monday and peso got slapped down again after President Mauricio Macri imposed capital controls on Sunday after announcing the government would "re-profile" its debt by extending maturities. British Prime Minister Boris Johnson is planning to call a pre-Brexit snap election if parliament defeats the government over his exit plan, The Sun newspaper reported on Monday. Emerging market policymakers slashed interest rates in August, taking their lead from major central banks including the U. Federal Reserve and the European Central Bank and joining in efforts to shore up their economies.
China's 'Black Monday' sends markets reeling across the globe - as it happened
Stocks have been surging -- since bottoming on March 9 -- on bets that the worst for the economy is over. Those bets were furthered Monday by the day's economic news. The March pending home sales index from the National Association of Realtors jumped 3.
For the four-week period ended Friday, the Dow has gained The stock market has been rising on hopes that the worst has happened and that some of the government's attempts to help the financial sector and economy will work. Employment is a lagging economic indicator and is usually the last to recover. Investors are aware of this and were therefore able to take the jobs report in stride, said Len Blum, managing director at Westwood Capital. It's going to be lackluster for a while but the sky is not falling.