Shares of banks and other financial institutions fell amid fears about the outlook for global growth.
Chinese President Xi Jinping is zeroing in on the ties that China's state banks and other financial stalwarts have developed with big private-sector players, expanding his push to curb capitalist forces in the economy. Chinese property developer Modern Land (China) asked investors for permission to defer repaying a $250 million bond due later this month, in the latest sign of the financial stress that has gripped China Evergrande Group and many of its rivals.
Investors had hoped China and global markets were moving beyond the disruption caused by funding issues at Evergrande Group.
Henry Kravis and George Roberts are stepping down as co-chief executive officers of KKR, as the founders of the seminal leveraged-buyout firm become the latest to pass the torch to handpicked successors, following Apollo Global Management's Leon Black and other pioneers of the investment style. Alongside deceased financier Jerome Kohlberg, the two founded KKR as Kohlberg Kravis Roberts.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-11-21 1658ET
