There's a risk to the stock market that's not covid or inflation. Here's what's going on with Evergrande:
It is the non-COVID, non-inflation risk that has been lurking in the global backdrop for months: A looming default by Chinese property developer Evergrande Group 3333, -10.24%.
Read: Evergrande fears send stock market tumbling: Here’s what investors need to know about the China property giant China’s crackdown on property developers, without a known endgame, is what’s sapping liquidity from thinly traded securities like Evergrande bonds, which are held in passive emerging-market-index exchange-traded funds and separately managed accounts at U.S., European and Asian money-management firms.
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