Evergrande Risk Stays Local So Far

Key Points


US data releases point to a peak growth cooling, in line with central bank expectations in the light of the Delta variant; however, not altering the tapering expectations given no meaningful signs on labor conditions

Evergrande risk so far stays local though chilling sentiment can weigh on global risky assets and exogenous shock to the broader risk universe cannot be ruled out due to its significant size and systemic impact

Spreads reacted remarkably strong over the week, making it the third consecutive week amid a month denominated by new supply; portfolio remains neutral on beta positioning

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