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FTSE 100 Live: Stocks called lower on fresh problems for Evergrande

Published 25/09/2023, 07:00
© Reuters FTSE 100 Live: Stocks called lower on fresh problems for Evergrande

Proactive Investors - The FTSE 100 is expected to start the week on the back foot following falls in Asian markets after more problems for China’s Evergrande.

Spread betting companies are calling London’s lead index down by around 21 points after closing up 5.29 points at 7,683.91 on Friday.

Shares in the embattled Chinese property developer slumped 20% following the announcement that it would be unable to carry out a restructuring plan intended to guarantee its survival.

The property developer cannot “meet the qualifications for the issuance of new notes”, as its principal subsidiary, Hengda Real Estate Group, is being investigated, it said in a Hong Kong stock exchange filing on Sunday.

In China on Monday, the Shanghai Composite was down 0.5%, while the Hang Seng index in Hong Kong was down 1.5%.

In New York, on Friday, markets also ended in the red.

Read more on Proactive Investors UK

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