World stocks sink over contagion fears from the expected collapse of Chinese property giant Evergrande
People walk by a map showing Evergrande development projects in China at an Evergrande city plaza in Beijing, on September 15, 2021.
Wall Street followed Asia and Europe down, with the Dow Jones Industrial Average shedding 1.7 percent at the open and the tech-heavy Nasdaq 1.8 percent. China sovereign credit default swaps jumped nine basis points from Friday's close to 45 bps, the highest since early October, IHS Markit data showed.
"Any downturn in China would have significant implications for commodities demand given its status as the world's largest consumer of many minerals and metals," said AJ Bell analyst Russ Mould.Anxiety is also running high over spiking wholesale gas costs, fuelling global inflationary pressures and sparking concern from the world's biggest central banks.
"Does a Chinese property collapse and energy crisis collide with expectations for a Fed rate hike next year and biting inflationary pressures?" he wrote in a note to clients.
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