Sumary of ASX trades higher despite Evergrade woes spilling over and a surprise Singaporean rate rise:
- Winners included super fund Netwealth, with a gain of almost 15 per cent.
- Other stocks performing well included milk company A2 (+5.5pc), Hub24 (+9.3pc) and Afterpay (+3.9pc)Gold miners were also performing well.
- Stocks dragging on the market included AMP (-1.3pc), Whitehaven Coal (-2.1pc) and Platinum Asset Management (-2.2pc).
- Evergrande woes spreadThere’s been fresh downgrades of several Chinese property companies, as the Evergrande crisis continues there.
- S&P has downgraded two of the sector’s biggest firms, Greenland Holdings and E-house.
- There have been fresh downgrades of property firms in China, as the Evergrande crisis continues.
- Evergrande is one of China’s biggest developers, with $300 billion in liabilities and 1,300 real estate projects in more than 280 cities.
- The $US5 trillion property sector accounts for around a quarter of the Chinese economy by some metrics.