Wall Street Nervous As China’s Evergrande Misses Bond Payment and CCP Declares Cryptos ‘Illegal’

U.S. futures dipped amid increasing risk in China as the Evergrande crisis unfolds on Friday.

Evergrande, the indebted Chinese developer, missed its $83.5 million dollar-denominated coupon bond payments on Thursday.

As of late afternoon Thursday, foreign bondholders had not received the money. The company could make its payments late – it has a 30-day grace period before it would be considered a default. If it does default, however, it would be the biggest default in by a company in Asia.

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Meanwhile, investors will also react to weakening new home sales data.

Sales were expected to rise 1%, the same as in July – instead, new home sales fell 5.9% in May, and April’s sales were revised lower. Median new home prices, meanwhile, jumped 18.1% from a year ago.

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And, cryptos could face a new challenge amid news that the People’s Bank of China is calling crypto transactions “illegal and strictly prohibited.”

Level Chg. Chg. %
DOW Futures 34,531.00 -113 -0.33%
S&P 500 Futures 4,419.50 -18.5 -0.42%
Nasdaq Futures 15,214.50 -89 -0.58%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury fell one basis point. The dollar weakened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.32 -0.14 -0.15%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.078% 0.001 0.076%
U.S. 2 Year Treasury Note 0.263% 0.001 0.263%
U.S. 5 Year Treasury Note 0.937% -0.009 0.947%
U.S. 10 Year Treasury Note 1.426% -0.009 1.435%
U.S. 20 Year Treasury Bond 1.882% -0.011 1.894%
U.S. 30 Year Treasury Bond 1.929% -0.017 1.946%

Stocks To Watch

vTv Therapeutics announced positive results from multiple ascending dose study of HPP737, an orally administered phosphodiesterase type 4. The company focuses on orally administered treatments for type 1 diabetes and psoriasis.

Zivo Biosciences was up on retail investor interest, despite no company-related news.

Shares of Capricor Therapeutics rose after the announcement that the company will present at two industry and investor conferences. The company specializes in transformative cell and exosome-based therapeutics for the treatment of a broad specter of conditions.

Symbol Price Chg. Chg. % Volume
vTv Therapeutics In. VTVT $2.13 +0.360 +20.34% 6.71M
Zivo Bioscience Inc. ZIVO $6.55 +3.100 +89.86% 4.33M
Capricor Therapeuti. CAPR $6.36 +1.340 +26.69% 2.77M

 

Commodities To Watch

Oil was stable on declining output. Gold was slightly up. 

Price Chg. %
WTI Crude Oil $73.17 -0.18%
Brent Crude Oil $76.41 -0.07%
Natural Gas $5.13 3.09%
Gold $1,752.50 0.15%
Silver $22.59 -0.41%
Copper $4.23 -0.05%
Soybeans $1,282.75 -0.12%

Crypto

The People’s Bank of China issued a new statement calling all crypto transactions “illegal and strictly prohibited.”

The global crypto market cap is $1.83T, a 6.46% decrease over the last 24 hours. Bitcoin’s dominance is currently 42.46%, an increase of 0.34% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $41,580.03 -4.33% $782.74b
Etherium ETH $2,828.18 -7.29% $331.58b
Cardano ADA $2.27 +3.68% $70.64b
Ripple XRP $0.9175 -5.56% $40.44b
Dogecoin DOGE $0.2037 -6.69% $26.77b

 

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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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