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Monday saw global stock markets plunge, with Dow futures falling by nearly 700 points or nearly 2% in the United States. The widespread selling was caused by a number of emerging risks to investment.
The Evergrande Oasis logo is seen outside the construction site in Luoyang (China), September 16, 2021. Picture taken September 16, 2021.
Analysts are warning that Evergrande is on the verge of collapse and could have wide-reaching consequences beyond China. Evergrande, which has grown rapidly over the years and bought up assets during China's economic boom, is now in debt of $300 billion. Evergrande is the owner of over 1,300 real estate properties in more than 280 cities across China. He said that Evergrande's increasing problems could increase default risk.
Janet Yellen, Treasury Secretary, testifies at a Senate Appropriations Subcommittee hearing on FY 2022 budget requests for the Treasury Department. The hearing was held June 23, 2021 at Washington's US Capitol.
Janet Yellen, U.S. Treasury secretary, appealed to Congress to increase the federal debt ceiling. In a Wall Street Journal op ed, Janet Yellen stated that failure to raise the federal debt ceiling would result in a first-ever U.S. bankruptcy and a financial crisis. This would add to the Covid pandemic's damage. Yellen, who was chair of the Fed prior to Powell, stated last week that the Treasury would exhaust all its emergency efforts in order to make payments on any debt it had incurred since October.
A vial Pfizer-BioNTech covid-19 vaccine is seen in the Arleta neighborhood, Los Angeles, California on August 23, 2021.
Pfizer and BioNTech announced Monday that their Covid vaccine was safe and generated a strong immune response in clinical trials of children aged 5-11 years old. Two-shot treatment was tested by the companies, which used a dose of approximately a third of what is recommended for adults and adolescents. The shots were administered three weeks apart. Pfizer and BioNTech are expected to submit their findings "as quickly as possible" to the FDA and other U.S. regulators. According to the New York Times, vaccinations could be given to younger children as early as Halloween.
The FDA will make a decision on who is eligible for a third dose or booster shot of Pfizer's Covid vaccine sometime this week. A Friday advisory committee of the FDA recommended Pfizer booster shots to people over 65 and for other vulnerable Americans. At this point, the panel voted against boosters that were available to the general public. Monday's premarket downdraft saw shares of BioNTech and Pfizer fall.
This report was contributed by Reuters. CNBC Pro lets you follow all market action like a pro. CNBC's coverage of the coronavirus pandemic provides the most up-to-date information.
