Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. China Evergrande Group
  6. News
  7. Summary
    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

(3333)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China Evergrande : Gold firms on Evergrande risks; pre-Fed jitters cap gains

09/20/2021 | 11:38am EDT

* U.S. Federal Reserve's Open Market committee meets Sept. 21-22

* Silver, platinum hit lowest since November 2020

* Dollar at highest in a month

Sept 20 (Reuters) - Gold rose on Monday as fears about the solvency of Chinese property group Evergrande sparked a flight to safe-haven assets, but gains were capped by strength in the dollar ahead of the U.S. Federal Reserve's policy meeting. Spot gold rose 0.5% to $1,762.66 per ounce by 1753 GMT. U.S. gold futures settled 0.8% higher at $1,765.40.

Investors are rushing to the safety of bonds as fears grow of a default by Evergrande, driving a drop in yields that is helping gold, said Bart Melek, head of commodity strategies at TD Securities.

"People are reacting to what's happening in China but this week's Fed's meeting is also important. Anything suggesting a fairly earlier tapering would be out of consensus and that would mean a pretty significant correction in gold prices," Melek said.

The Fed's Open Market Committee meets on Sept. 21-22.

Gold is considered as a hedge against inflation and currency debasement likely resulting from the widespread stimulus. A hawkish move by the Fed would, hence, diminish gold's appeal, while an eventual interest rate hike would also raise the opportunity cost of holding the non-interest bearing asset.

World shares were lower as investors fretted about the spillover risk to the global economy from Evergrande's troubles.

"No doubt those fears of systemic risk ... may well be feeding into the market," independent consultant Robin Bhar said. "We typically see flows into the dollar, into gold, into the yen when investors are worried."

But denting gold's appeal for holders of other currencies, the dollar index hit a near one-month high.

Silver fell 0.7% to $22.23 per ounce, its lowest since November 2020.

Platinum dropped 3.5% to $908.52 per ounce, while palladium shed 6.4%, the most since mid-June, to $1,888.24.

Prices of the auto catalysts are unlikely to rebound until the demand environment starts looking better, Melek said. (Reporting by Bharat Govind Gautam and Arundhati Sarkar in Bengaluru; Editing by Aditya Soni)


© Reuters 2021
All news about CHINA EVERGRANDE GROUP
10/22Dow posts record closing high, stocks gain for 3rd week; dollar dips
RE
10/22S.Africa's rand set for weekly loss but stocks buck trend
RE
10/22China's troubled property behemoth averts default, signals business shift
RE
10/22FANTASIA : Analysis-Investors denied their Ever-grande finale...for now
RE
10/22WALL STREET STOCK EXCHANGE : Nasdaq takes a hit from Intel and Snap
10/22CHINA EVERGRANDE NEW ENERGY VEHICLE : plans to shift main business to new energy vehicles ..
RE
10/22Powell Imposes Personal-Investing Restrictions on Fed Officials; Turkey's Central Bank ..
DJ
10/22FANTASIA : Evergrande averting default to do little to revive China property bond sales
RE
10/22CHINA EVERGRANDE : Factbox-China's indebted property market and the Evergrande crisis
RE
10/22STOXX EUROPE 600 : European Bourses Higher Midday on China Property Outlook; Tech Sector G..
MT
More news
Analyst Recommendations on CHINA EVERGRANDE GROUP
More recommendations
Financials
Sales 2021 547 B 70 415 M 70 415 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 488 M 45 488 M
P/E ratio 2021 14,7x
Yield 2021 1,41%
Capitalization 35 511 M 4 568 M 4 569 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,47x
Nbr of Employees 163 119
Free-Float 18,6%
Chart CHINA EVERGRANDE GROUP
Duration : Period :
China Evergrande Group Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CHINA EVERGRANDE GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 2,69 HKD
Average target price 11,13 HKD
Spread / Average Target 314%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
Sector and Competitors
1st jan.Capi. (M$)
CHINA EVERGRANDE GROUP-81.95%4 568
CHINA VANKE CO., LTD.-25.68%37 855
VONOVIA SE-9.54%36 174
DEUTSCHE WOHNEN SE20.26%21 013
VINGROUP JOINT STOCK COMPANY-4.55%14 904
VINHOMES JOINT STOCK COMPANY13.30%14 897