China's financial regulators are investigating a month-end liquidity crunch that saw short-term money rates surge to as much as 50%, asking some institutions to explain why they borrowed at extremely high rates, Reuters reported. The overnight rate for pledged repo - a short-term financing business - hit a record high of 50% on Oct 31, as a month-end scramble for cash and a flood of government bond sales caused stress in money markets.

Bank of Japan Governor Kazuo Ueda will continue to dismantle the central bank's ultra-easy monetary policy settings and look to exit the decade-long accommodative regime sometime next year, an inherently risky plan that would require skilful execution, Reuters reported. Ultimately, however, the BOJ chief's exit strategy will require a bit of good fortune too, especially given global uncertainties including the Middle East conflict and worries about whether the U.S. economy could achieve a soft landing as well as China's growth trajectory.

After being roughed up by judges, lawmakers, regulators and its own employees, Australia's Qantas Airways faces its toughest grilling at its annual meeting on Friday as investors take the airline to task over a series of crises, Reuters reported. The weight of public fury will most likely overshadow a record annual profit for the carrier in 2023 as shareholders respond to reputational blunders by voting against executive pay and other motions. If 25% of shareholders vote against an Australian company's remuneration report, it is rejected.

China Evergrande has proposed a new debt restructuring plan for offshore bondholders, offering to swap their debts into about a 30% equity stake in each of the developer's two Hong Kong-listed subsidiaries, Reuters reported. The property firm's offshore bondholders holding about $19 billion of debt are likely to take a major haircut on their investments if they agree to the new terms.

Asia's manufacturers faced worsening pressure in October with factory activity in China slipping back into decline, clouding recovery prospects for the region's major exporters already squeezed by weaker global demand and higher prices, Reuters reported. Purchasing managers' indexes (PMIs) for factory powerhouses China, Japan and South Korea showed activity shrinking while Vietnam and Malaysia also struggled with the broadening fallout from a Chinese slowdown.

The bankruptcy court in New Delhi has admitted the Serene Residency Group Housing Project at Sector ETA II after it defaulted on its dues of about ₹ 257 crore. The company is a subsidiary of listed real estate firm Ansal Properties and Infrastructure Ltd, the Economic Times of India reported. The New Delhi bench of the National Company Law Tribunal (NCLT) has admitted the insolvency resolution application filed by the Indian Bank against the company and also appointed Navneet Kumar Gupta as interim resolution professional (IRP) for the company.

Overnight borrowing costs for some Chinese financial institutions jumped to as high as 50% on Tuesday, as a month-end scramble for cash squeezed liquidity and stressed money markets, Reuters reported. In addition to seasonal factors, the cash shortage was caused by an upcoming flood of government bond issuance, and traders also pointed to market fears of default by cash-strapped institutions. The highest overnight rate for pledged repo - a short-term financing business - hit 50% on Tuesday, according to official interbank data, although the average rate remains modest at roughly 3.6%.

China’s economy suffered a setback as surveys showed factory orders shrank and construction activity slowed, reigniting growth concerns just as activity appeared to be stabilizing, the Wall Street Journal reported. The closely watched surveys show the world’s second-largest economy isn’t out of the woods as it contends with challenges including a slowdown in growth overseas and a drawn-out property bust at home.

The Bank of Japan further loosened its grip on long-term interest rates by tweaking its bond yield control policy again on Tuesday, taking another small step towards dismantling its controversial monetary stimulus of the past decade, Reuters reported. While it kept ultra-low interest rates steady, the BOJ watered down its 1% cap on the 10-year bond yield which it set just three months ago to allow long-term borrowing costs to rise more.

China Evergrande Group, the world’s most indebted developer, won a final chance to set what could be the nation’s biggest ever restructuring back on track, as a Hong Kong court pushed back a winding-up hearing, Bloomberg News reported. Judge Linda Chan in Hong Kong’s High Court adjourned the proceedings to Dec. 4, the latest in a series of delays since they began last year. “This is really the last adjournment,” Chan said. Evergrande must have a concrete restructuring proposal by the next hearing, otherwise the court is “very likely” to issue a winding-up order, she said.