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View all search resultsStocks find fleeting relief in Evergrande deal
Evergrande’s main unit claims to have settled interest payments with investors
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S
tocks found relief on Wednesday after teetering developer China Evergrande said it would be able to pay a coupon on one of its bonds, easing some market jitters, however, the Federal Reserve's looming policy decision kept investors cautious.
China fell on its first day of trade after a two-day holiday. However, a cash injection from the People's Bank of China kept falls far smaller than feared with blue chips off 0.7 percent and Shanghai Composite reversing losses to trade up 0.3 percent.
That weighed on MSCI's broadest index of Asia-Pacific shares outside Japan, which fell 0.3 percent, however, Australia was higher.
Japan's Nikkei dropped 0.6 percent. Hong Kong markets were shut.
Evergrande's main unit, Hengda Real Estate, said it had settled interest payments due Thursday on a yuan bond with investors, which helped lift sentiment and trim losses.
"I think the market is still a little bit cagey," said Rob Carnell, Asia-Pacific head of research at ING in Singapore.
"It's Evergrande today, who will it be tomorrow? That's probably why we haven't seen a substantial and perhaps prolonged rally as a result of this," he said.
