China has reason not to let Evergrande rejig rot 3 Oct 2023 Its chairman is suspected of crimes. Offshore creditors may hope a proposal to restructure their $19 bln holdings is still on the table. A forced liquidation will see them recover as little as 2%. Their fate will offer a clue to whether Beijing still values overseas debt markets.
Capital Calls: Birkenstock IPO 2 Oct 2023 Concise views on global finance: The German footwear brand is offering shares at between $44 and $49 ahead of its market debut next week.
Covid-induced Nobel Prize is on brand 2 Oct 2023 Two scientists won the award in a relatively quick 18 years after publishing seminal work for vaccines that helped stop the pandemic. Global disasters often speed up scientific advances. The balance in pushing for rewards and possible consequences changes when more is at stake.
Bond blues kick the fun out of racy stocks 2 Oct 2023 Yields are rising for the wrong reason – persistent inflation rather than growth. That’s pushing shares down as well. Some companies will suffer more. Those with higher portions of cash flows coming in the future, like technology firms, are most vulnerable.
Big Four consulting stains muddy breakup case 2 Oct 2023 EY and PwC are under scrutiny amid a tax scandal and accusations of shoddy work. The case for splitting these companies depended on their advisory arms delivering racy growth. But with dinged reputations and valuations of rivals falling, breaking up will be even harder.
Peak China may pose peak danger 2 Oct 2023 A glance through history suggests great powers are a threat whether they are rising or falling. China may be especially dangerous as its economic growth slows. It is riling its neighbours. Investors would be wise to assign a greater weight to this fat tail risk, says Hugo Dixon.