Waiting on Evergrande, the Fed and oil inventories

Wednesday 22nd September 2021Markets are still concerned over the Evergrande debacle, although equities and currencies and bonds have all calmed down a little overnight. China has been on holiday so far this week, so today could provide news on the government’s response before the develop defaults on its bond interest payments. There will be strong interest I the Fed tomorrow morning, of course, but it seems unlikely that they will announce tapering of their asset purchases just yet. NAB’s David de Garis says they will prefer to see another standout jobs report. Also today, can we expect more moves in oil, with the EIA stockpile report tonight. And the OECD has revised growth forecasts down and inflation expectations up.

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