Commodities Across Board Fall, ASE Has Ugly Reopen - Investing.com
The ASE Stock Index dropped 23% after being closed for five weeks, with banking shares down by as much as 30%. The index managed to recover from session lows, but still closed down 16%. While local traders are able to buy stocks, bonds,... As expected, Puerto Rico missed a $58 million debt payment due over the weekend. Because the deadline was Saturday, the PFC technically has until the end of Tuesday to make its missed payment, but it appears unlikely to make a difference. Puerto Rico faces a grim future. And the commonwealth faces $635 million in debt-service payments this month. Many investors are already focusing on broader questions around how Puerto Rico will restructure its $72 billion in debt, what kind of a “haircut” bondholders will need to take and what reverberations will spread to the U. S. municipal bond market. Puerto Rico’s indebted central government, municipalities and public corporations cannot file for bankruptcy protection without the OK of the U. S. Congress, which leaves them at the mercy of what could be hundreds of lawsuits filed by creditors. Source: www.investing.com
