SHANGHAI, Sep 22 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

Dollar edges up on safety bid, and Evergrande nerves weigh on offshore yuan.

The offshore Chinese yuan weakened versus the greenback to its lowest level in nearly a month on Monday, as worries about the repercussions from property developer Evergrande’s solvency issues spooked financial markets and lifted safe-haven currencies.

Market sentiment has been rattled by the potential contagion from Evergrande, which is trying to raise funds to pay a host of lenders, suppliers and investors. A deadline for an $83.5 million interest payment on one of its bonds is due on Thursday, and the company has $305 billion in liabilities.

On Thursday, the yuan strengthened to its highest level in three months at 6.4226 per dollar before starting to reverse as Evergrande’s woes worsened. The move sharpened on Monday after warnings from Chinese regulators that the company’s insolvency could fuel broader risks in the country’s financial system if not stabilized. Analysts at Wells Fargo said on Monday they expect the dollar to reach 6.60 per yuan within the next month. The offshore Chinese yuan last weakened versus the greenback at 6.4839 per dollar.

US stocks on Tuesday fought to rebound from Monday’s rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red.

The Dow Jones Industrial average lost 50.63 points, or 0.15%, to 33,919.84. The S&P 500 shed about 0.1% to 4,354.19, following its worst day since May on Monday. However, the Nasdaq Composite rose 0.2% to 14,746.40 as investors bought some major tech shares like Apple on the dip.

Stocks roared back earlier in Tuesday’s session with the Dow up more than 300 points at one point before giving up all those gains as trading continued.

Asian markets were stable overnight, helping sentiment in the US initially after fears grew Monday that the liquidity crisis at Chinese developer Evergrande would lead to a global contagion. Hong Kong’s Hang Seng Index rose 0.5% after dropping more than 3% on Monday.

On Monday, the S&P 500 slid 1.7% for its worst day since May 12. The Dow Jones Industrial Average plummeted 614 points, or 1.8%, for its biggest one-day drop since July 19. The Nasdaq Composite shed 2.2%.

The drop initially attracted investors at Tuesday’s open, but markets couldn’t hold the comeback. The S&P 500 was up 0.9% at its high of the day. Investors were also cautious ahead of the Federal Reserve’s decision on interest rates and release of economic forecasts on Wednesday.

Oil prices rose on Tuesday, after sharp losses the previous session, amid tighter US supplies, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande.

Brent crude gained 44 cents, or 0.6%, to settle at $74.36 per barrel, having fallen by almost 2% on Monday. The October West Texas Intermediate (WTI) contract, which expires on Tuesday, gained 27 cents, or 0.38%, to settle at $70.56 per barrel, after dropping 2.3% in the previous session. The more active November contract gained $1.01 a barrel to $71.15.

Growing concerns over US production “seem to be outpacing other factors ... such as the uncertainty over the outcome of the Federal Reserve monetary policy committee meeting and fears that the Evergrande issue may trigger a wider crisis,” ActivTrades analyst Ricardo Evangelista said.

Gold gained on Tuesday as unease over China’s Evergrande insolvency spurred safe-haven buying, ahead of a Federal Reserve meeting that could provide clues on the central bank’s timeline for cutting its stimulus to the US economy.

Safe-haven asset gold has gained on “recent concerns about global economic growth, or more specifically, a Chinese economic slowdown,” which are enough to outweigh a recovery in equities, said David Meger, director of metals trading at High Ridge Futures.

Spot gold was up 0.7% at $1,776.09 per ounce by 1:59 p.m. ET, while US gold futures settled 0.8% higher at $1,778.20.

European stocks closed higher on Tuesday, bouncing back from heightened investor nerves over a Chinese property developer and ahead of a two-day meeting of the US Federal Reserve.

The pan-European Stoxx 600 index closed up 1%, led by travel and leisure stocks which climbed 3.2%, as most sectors and major bourses entered positive territory. Oil and gas stocks rose 1.4% amid consumer and business worries over a shortage of natural gas in the region.

Looking at individual shares, Entain surged 18% to the top of the Stoxx 600 after CNBC reported DraftKings had made a $20 billion takeover offer for the British online sports betting and gambling firm.