JPMorgan has raised its global emerging markets corporate high-yield Default forecast due to concerns about contagion in China's property sector. The bank increased its forecast for 2023 to 9.7% from 6% and raised its Asia high-yield Default Rate Forecast to 10% from 4.1%. JPMorgan expects China property to account for almost 40% of all default volumes in 2023. The bank also highlighted the potential ripple effect of a default by Country Garden, which could add $9.9 billion to the global emerging markets high-yield corporate default tally. Additionally, JPMorgan raised its default rate forecast for Latin America and emerging Europe.

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