(CNBC) JPMorgan raised its global emerging markets corporate high-yield default forecast, largely due to rising contagion fears in China’s property sector from a possible Country Garden default. The U.S.-based investment bank raised its 2023 global forecast to 9.7% from 6% in a note dated Aug. 15. It also raised its Asia high-yield default rate forecast to 10% from 4.1% — that figure drops to just 1%, if China property is excluded.
JPMorgan hikes default forecast for emerging markets as Country Garden drives China contagion fears
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