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Fresh jitters in China's property market plus a wave of strikes on Ukrainian ports threaten the world's food supply.

And as costs mount, health plans begin restricting coverage of popular obesity treatments.

We're sort of in the early stages of these drugs being rolled out.

And so they see that as more and more people use them, that's going to add up to a significant cost burden for their health plan.

It's Thursday, August 3rd. I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.

We begin today in Hong Kong, where shares in a subsidiary of Chinese property giant Evergrande have fallen precipitously in the latest sign of weakness in China's real estate sector.

Evergrande property services dropped nearly 50% today in its first day of trading in a year and a half.

And journal China Markets reporter Rebecca Fung says it is just the latest poor performance by companies related to Evergrande, which is trying to restructure after defaulting on nearly $20 billion in international debt in late 2021.

Remember that shares of Evergrande's self are still not trading and Evergrande has until September 20th to resume trading or it could be did listed from Hong Kong.

So in a way, these two subsidiaries' resumption of trading are sort of meant to test the market and prepare for a possible resumption of trading of Evergrande's self.

But from what we've seen so far, the results signal that Evergrande's reentry into the stock market might be pretty bumpy as well.

There is a complicated network of borrowing relationships between the subsidiaries and the Evergrande group. So yeah, investors are wary of anything basically related to Evergrande at the stage.

And yet it's worth pointing out property market jitters are also bigger than just this one company.

Yeah, Evergrande has his own issues to deal with, but the Chinese property market is not coming back in terms of contract sales.

So for example, Country Garden, which is a developer of similar size to Evergrande's bonds are now back at the stress levels after rebounding briefly late last year and early this year.

And from our conversations with analysts and economists, unless the Chinese government put forward more forceful stimulus, the Chinese property market is probably not recovering anytime soon.

It is interest rate day for the Bank of England. A rate hike isn't in question. That's because despite 13 consecutive increases, the Bioe's fight against inflation is far from over.

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