Stocks stall, oil cools, Evergrande and lira fall

* World stocks dip as risk aversion returns

* Turkish lira slides ahead of expected rate cut

* Yen jumps as Nikkei falls 1.5%

* Evergrande asset sale fails, default deadline looms

* Oil rally pauses

* Graphic: Global asset performance Link

* Graphic: World FX rates Link

By Marc Jones

LONDON, Oct 21 (Reuters) - World stocks slipped on Thursday as the upbeat mood that carried the Dow Jones and bitcoin to records a day earlier ran out of steam, while a pause in the oil rally stalled rising global bond yields.

Turkey's lira was backsliding towards record lows with the central bank expected to chop its interest rates again later and China Evergrande was back in the firing line after it had been forced to abandon a $2.6 billion stake.

Other risk and commodity sensitive currencies such as the Australian and New Zealand dollars and South African rand also hit a speed bump, giving the safe-haven Japanese yen a rare lift after it had fallen to a four-year low versus the dollar.

"There is little bit of risk aversion," said Societe Generale's Kit Juckes, who pointed to the higher yen and the fact that both European stocks and Wall Street S&P 500 futures were both in the red.

"I think most people today are going to be looking at the Turkey central bank meeting to see if sparks are going to fly... other than that the themes (of rising inflation and COVID cases) are pretty much set".

Commodities also eased, with Brent crude futures LCOc1 down 0.2% after touching a three-year top and Chinese coal futures CACcv1 extending a sharp pullback after Beijing had signalled it would intervene to cool prices.

"The U.S. stock market has gone up for six days in a row, bitcoin's made a record and the U.S. bond market is calm. On the surface it looks benign," said Andrew Ticehurst, a rates strategist at Nomura in Sydney.

"But below the surface we are uncomfortable about a number of things," he added, chiefly the slowdown in China's economy seen in data earlier this week and concerns about potential fallout from Evergrande's troubles.

Evergrande will default on $19 billion of international market bonds if it doesn't make an already overdue coupon payment by Monday. It would the biggest ever Chinese default and one the world's largest too. Lehman Brothers' collapse added up to $35 billion.

Late on Wednesday, Evergrande confirmed its plans to sell a $2.6 billion stake in its property services unit had fallen through. Its shares ended down 11.5% in Hong Kong on Thursday, although it wasn't all bad news.

Financial news provider REDD reported that it had secured an extension on one of its lower-profile bonds.

Shares in rival Chinese developers also drew support after reassurances from a number of top Chinese officials that the trouble in the sector would not be allowed to escalate into a full-blown crisis, but global investors remain nervous.


Turkey's lira TRY= dropped 0.7% against the dollar and was the worst performer in FX markets as bamboozled traders expected the central bank to once again fly in the face of economic orthodoxy and cut its 18% interest rates.

It did so last month and the lira has hit a string of record lows in recent sessions after another major ousting of central bank policymakers last week left investors doubting the bank's independence from the government.

"We have seen strong outflows from debt in the last three weeks, probably due to uncertainty with the currency and increased risk perception," IIF economist Jonathan Fortun told Reuters.

Wall Street futures were down 0.3% after a blizzard of earnings had helped the Dow Jones .DJI touch an all-time high on Wednesday, with the S&P 500 .SPX within touching distance too.

The VIX volatility index .VIX , sometimes referred to as Wall Street's "fear gauge", also ticked up having dropped to a two-month low the previous day.

But a soft finish on the Nasdaq .IXIC flowed through to tech-stock selling in Tokyo and in Hong Kong, where the Hang Seng .HSI fell 0.8%.

In the government bond markets that drive global borrowing costs, longer-dated U.S. Treasury yields steadied after rising with inflation and growth expectations on Wednesday.

The benchmark 10-year yield US10YT=RR hovered at 1.6568%, just below the previous day's five-month high of 1.6730%, while Germany's 10-year yield, the benchmark for Europe, was unmoved at a still negative -0.12% DE10YT=RR .

"The strong focus on the volatile (bond) curve environment in the euro area looks set to stay, at least until next week's ECB Governing Council meeting," UniCredit analysts told clients.

Investors have figured that surging energy prices and tightening job markets will pressure top central banks such as the U.S. Fed and ECB to either raise interest rates or at least rein in stimulus.

Fed funds futures 0#FF: have priced a 25 basis point U.S. rate hike in the third quarter of 2022 while eurodollar markets expect higher rates as soon as the second quarter 0#ED: .

"In our view, the dollar and yen face upside risks if inflation concerns spark a sharp tightening in global short-term interest rates and a sharp pullback in equity markets," said Commonwealth Bank of Australia currency analyst Carol Kong.

World FX rates YTD Link
Global asset performance Link
Asian stock markets Link
China property stocks come crashing down Link
Emerging market currencies this week Link

Additional reporting by Tom Westbrook in Singapore; Editing by
Alex Richardson

Isenção de Responsabilidade: As entidades do XM Group proporcionam serviço de apenas-execução e acesso à nossa plataforma online de negociação, permitindo a visualização e/ou uso do conteúdo disponível no website ou através deste, o que não se destina a alterar ou a expandir o supracitado. Tal acesso e uso estão sempre sujeitos a: (i) Termos e Condições; (ii) Avisos de Risco; e (iii) Termos de Responsabilidade. Este, é desta forma, fornecido como informação generalizada. Particularmente, por favor esteja ciente que os conteúdos da nossa plataforma online de negociação não constituem solicitação ou oferta para iniciar qualquer transação nos mercados financeiros. Negociar em qualquer mercado financeiro envolve um nível de risco significativo de perda do capital.

Todo o material publicado na nossa plataforma de negociação online tem apenas objetivos educacionais/informativos e não contém — e não deve ser considerado conter — conselhos e recomendações financeiras, de negociação ou fiscalidade de investimentos, registo de preços de negociação, oferta e solicitação de transação em qualquer instrumento financeiro ou promoção financeira não solicitada direcionadas a si.

Qual conteúdo obtido por uma terceira parte, assim como o conteúdo preparado pela XM, tais como, opiniões, pesquisa, análises, preços, outra informação ou links para websites de terceiras partes contidos neste website são prestados "no estado em que se encontram", como um comentário de mercado generalizado e não constitui conselho de investimento. Na medida em que qualquer conteúdo é construído como pesquisa de investimento, deve considerar e aceitar que este não tem como objetivo e nem foi preparado de acordo com os requisitos legais concebidos para promover a independência da pesquisa de investimento, desta forma, deve ser considerado material de marketing sob as leis e regulações relevantes. Por favor, certifique-se que leu e compreendeu a nossa Notificação sobre Pesquisa de Investimento não-independente e o Aviso de Risco, relativos à informação supracitada, os quais podem ser acedidos aqui.

Usamos cookies para lhe dar a melhor experiência no nosso website. Ler mais ou alterar as configurações de cookies.

Aviso de risco: O seu capital está em risco. Os produtos alavancados podem não ser adequados para todos. Recomendamos que consulte a nossa Divulgação de Riscos.