Welcome to 10 Things Before the Opening Bell.
Let’s get into it.
1. Stocks worldwide are falling after trading in Evergrande shares was halted in Hong Kong. But those worries may ease with the Chinese property giant poised to sell a stake in its services unit for $US5.1 ($AU7) billion. Take a look at what’s happening today.
2. Evergrande and energy shortages have rocked China’s economy. Tighter regulations are creating economic headwinds in China, and Morgan Stanley is looking at which Asian economies will be hit hardest. Here’s a list of the most-exposed countries.
3. RBC is looking for bright spots as the stock market suffers through its worst stretch in a year and a half. The firm has pinpointed 30 stocks set to see strong returns over the next 12 months. Check out the full list.
4. On the docket: Almarai Co, Kewpie, and NEXTAGE, all reporting.
5. Evergrande bonds are being scooped up by bargain-hunting funds. The investors seem to be betting that Beijing will resolve the property giant’s financial problems. Read how investors are viewing China.
6. Crypto-friendly Miami mayor sees potential for MiamiCoin. The crypto, which launched in August, allocates 30% of its reward to the city when bought or mined. The mayor hopes it can be a tax-free method to support the city.
7. Investors fled Cathie Wood’s flagship fund at a record pace in the 3rd quarter. The ARK Innovation ETF, or ARKK, saw $US1.97 ($AU3) billion in outflows in Q3, the most since its 2014 launch. Here’s why the popular tech-focused ETF lost investors.
8. Playing chicken over the debt limit could damage the US’s top-notch credit rating. Congress’s game of chicken has rating agencies sounding the alarm. “Political brinksmanship could increase the risk of a US sovereign default,” wrote Fitch Ratings. Get the full rundown here.
9. Meet a young couple that accumulated 30 rental properties in less than two years. They share how they got started on their first property – and quickly scaled without using their own money.
10. A 20-year fintech executive breaks down how Avalanche has grown into one of the fastest and lowest-cost layer-one protocols. John Wu also shares two little-known altcoins in the ecosystem he’s bullish on. Read his full comments.
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