Good day. The Chinese property market is facing a possible reckoning, bad news for foreign bondholders that bet on one of the largest real-estate booms in history.

Evergrande's advisers get little information as default nears. Advisers to China Evergrande Group’s international bondholders have made little progress in their efforts to engage with the embattled property developer, as the clock ticks toward a likely default. The path to default was littered with financial red flags, but a combination of financial regulators, local Chinese governments, yield-hungry investors and insiders kept the critics at bay, according to a Wall Street Journal investigation. Evergrande could avoid defaulting on its debt with asset sales, capital injections or a government bailout, although the latter appears unlikely.

And it isn't just Evergrande to come under pressure in China's property market, the source of one of the largest real-estate booms in history. Beijing is now facing a reckoning, weighing how to address real-estate developers' massive debt loads without torpedoing the property market and derailing the economy. Another indebted developer, Fantasia Holdings Group Co., said it is working with government support to resolve its problems after a surprise default last week.

The future of movies is more than just movies. Many cinema owners, rocked by the Covid-19 pandemic and the Hollywood studios’ push toward streaming, are reimagining how their spaces can be used, WSJ Pro Bankruptcy's Alexander Gladstone reports. Some are experimenting with alternative content, meaning entertainment and presentation options that aren’t Hollywood blockbusters. 

Jobs report keeps Fed taper on track for November. Despite Friday’s disappointing September jobs report, Federal Reserve officials have signaled in recent weeks the gains are likely to satisfy the thresholds they have laid out to start reducing bond buying.

The U.S. economy faces energy-price threat. Higher energy prices could push up inflation in coming months, damp consumer spending on other products and services, and ultimately slow the U.S. recovery, economists say.

Investors watch for rising costs in earnings this week. Third-quarter earnings season kicks off this week, with investors on the lookout for signs that rising costs will pose a problem for U.S. corporate profits this quarter and beyond.

The oversight board managing Puerto Rico’s bankruptcy said legislation proposed by local lawmakers this week contains “outrageous” costs that make the latest debt-adjustment plan “impossible” and endangers the island’s ability to exit bankruptcy. (Bloomberg)

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