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The logo of property developer Shimao Group is seen on the facade of Shimao Tower in Shanghai.
Image copyright: Reuters/Aly Song
Belly up.

Here’s what you need to know

A Chinese property developer missed key payments. Shimao Group, the latest defaulter on offshore debt in the sector, didn’t make payments on a $1 billion bond.

Tesla delivered 254,695 cars in the second quarter. Deliveries were below analysts’ predictions as the company dealt with covid lockdowns in China and parts shortages.

Russia said it has control of Lysychansk. The city was the last in the Luhansk region in eastern Ukraine to fall to Russia after Ukraine’s military said it was forced to withdraw from the city.

ETF trading between Hong Kong and the Chinese mainland started on Monday. The ETF Connect, announced in May, will allow investors in both places to trade eligible funds.

Extreme weather hit Australia and Japan. Flooding has forced thousands to evacuate Sydney, while temperatures in Tokyo on Saturday crossed the 95-degree Fahrenheit mark for the eighth straight day amid a record-breaking heat wave.

Short sellers circled Tether. Crypto traders are getting out of Tether as the assets backing the stablecoin are scrutinized. Meanwhile, customers of crypto lender Celsius are wondering if they’ll see their money again after the company froze withdrawals.

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