Mackenzie Sigalos of CNBC.com brings you today’s top business news headlines. On today’s show, CNBC’s Kate Rooney explains why the debt crisis of Chinese real estate developer Evergrande Group could cause problems for Tether. Additionally, Johnson & Johnson found that the second injection of their COVID vaccine was 94% effective against the infection.
The global economy could feel the effects of the Evergrande crisis in China. Here’s what investors need to know
A liquidity crisis at a major Chinese real estate developer has rocked global markets, and strategists say it could spill over into the global economy.
But they also say the problem will be contained by the Chinese government before it damages the banking system and should not lead to a wider global financial crisis.
Important questions for investors are how and when Beijing’s leaders will handle the situation and whether they will start restructuring China Evergrande Group, as many market professionals predict.
Investors fear Beijing could allow the company to go bankrupt, hurting shareholders and domestic bondholders. Evergrande faced debt payments on its offshore bonds on Thursday after saying last week it was facing unprecedented hardship.
“Everyone expected the government to come up with some sort of resolution, given that Evergrande is a systemically important company,” said Jimmy Chang, chief investment officer at the Rockefeller Global Family Office. “He has $ 300 billion in outstanding debt. China is a contagious problem if Evergrande is not resolved. I think that will eliminate some state enterprises with deep pockets. “
J&J says COVID booster is 94% effective in US when given two months after first dose
Johnson & Johnson said on Tuesday that its COVID-19 booster was 94% effective when given two months after the first dose in the United States. He also said the booster increases antibody levels four to six times compared to an injection alone.
The booster dose of J&J given six months after the first shot appears to be potentially even more protective, the company said, adding that antibody production is twelve times higher four weeks after the booster, regardless of age.
When given as a booster, the vaccine is well tolerated, with side effects generally consistent with those seen after the initial dose, according to J&J.
“We have now gathered evidence that a booster further improves protection against COVID-19 and is expected to significantly extend the duration of protection,” Dr Paul Stoffels, Scientific Director of Jammu and Kashmir, said in a statement .
Covid is officially the deadliest pandemic in the United States as deaths in the United States exceed estimates from the 1918 flu
Covid-19 is officially the deadliest epidemic in recent U.S. history, exceeding estimates of deaths in the United States from the 1918 influenza pandemic, according to data compiled by Johns Hopkins University.
Johns Hopkins data shows reported deaths in the United States from Covid topped 675,000 on Monday, with an average of more than 1,900 deaths per day. The country is currently experiencing another wave of new infections, driven by the rapidly spreading delta variant.
the 1918 flu – three waves, spring 1918, fall 1918; And the winter and spring of 1919 – according to the Centers for Disease Control and Prevention, about 675,000 Americans died. It has been considered the deadliest pandemic in recent history.