HONG KONG, Oct 21, 2021 (BSS/AFP) - Most Asian markets rose Thursday
following another strong Wall Street lead as positive earnings continued to
smother inflation and taper worries, while Hong Kong fluctuated and
Evergrande tumbled with the property giant resuming trading after saying a
unit sale had fallen through.

  Surging global prices have sent shivers through trading floors for much of
this year as central banks are forced to tighten their ultra-loose, pandemic-
era monetary policies, but a string of broadly on-target or forecast-beating
corporate reports have provided a much-needed salve.

  The Dow and S&P 500 closed within spitting distance of record highs after
the latest results, while dealers brushed off a Federal Reserve summary of
the economy that said transport constraints and shortage of goods had led to
"significantly elevated prices" in most areas of the United States, slowing
growth.

  The advances filtered through to most of Asia with Sydney, Singapore,
Seoul, Taipei, Manila and Jakarta extending the week's rally, though Tokyo
and Wellington dipped.

  Hong Kong swung in and out of positive territory and embattled Evergrande
tanked more than 12 percent as it resumed trading following a 17-day
suspension after saying the planned sale of its property services arm had
collapsed.

  It also warned it could not guarantee it would meet its debt obligations,
days before a 30-day grace period on an offshore bond ends at the weekend,
raising expectations it will default and spark a massive restructuring.

  Justin Tang, of United First Partners, warned that "without the infusion of
cash from the sale" of assets, the firm's share price "is going to take the
elevator down".

  There had been hope that the $2.58 billion sale of a 50.1 percent stake in
Evergrande Property Services Group would provide it with much-needed capital
to service its debts.

  Shares in the services arm fell more than four percent, while Hopson
Development -- the firm that had been in the buy-out talks -- rose more than
five percent.

  The news will again raise worries about the impact on the wider economy,
with the property sector accounting for a huge chunk of gross domestic
product and several other developers recently failing to meet debt payment
deadlines.

  Data this week showed the country's economic growth was slower than
expected in the third quarter.

  Still, investors have been calmed by comments at the weekend from top
officials at the People's Bank of China who said the fallout from the crisis
could be contained.

  Equity markets in Hong Kong appeared to take the news in their stride in
early trade, with other property firms in positive territory. Mainland
Chinese markets were also up.

  Bitcoin was sitting around $65,000, having broken Wednesday to a new record
high of $66,976 Wednesday after a financial instrument dedicated to the unit
made a successful debut on the New York Stock Exchange.

  The digital unit has surged more than 50 percent over the past month and an
eye-watering 450 percent over the past year, and analysts are now whispering
the possibility it could hit $100,000 soon.