Silver prices hit a record high of over $78 per ounce, driven by geopolitical tensions, debt concerns, and fears of inflation, with other precious metals like gold, platinum, and palladium also reaching new highs amid global instability and U.S. monetary easing.
Chinese property stocks, including Country Garden, tumbled on renewed debt fears for the sector. JP Morgan downgraded Country Garden and its property services arm, citing liquidity concerns unless the Chinese government provides more policy support. The Hang Seng Mainland Property Index fell over 5%, while shares of Longfor Group, Sunac, China Vanke, and China Overseas Land and Investment also declined. Weakness in China's real estate sector could have long-term economic implications and potentially impact neighboring countries. The property market is expected to experience an "L-shaped recovery" with steep declines followed by a slow recovery rate.