In the wake of those protests, uncertainties about China’s economic future are beginning to take hold. There are already signs ofStocks and oil slid sharply on Monday as rare protests in major Chinese cities against the country’s strict zero-COVID curbs raised worries about management of the virus in the world’s second-largest economy.
“The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category. It means investors will become more risk-averse,” Gary Ng, Natixis economist in Hong Kong told Reuters. U.S. West Texas Intermediate crude slid $2.08, or 2.7%, to $74.20 a barrel. It fell as far as $73.82 earlier — its lowest since Dec. 27, 2021.
The most-traded December copper contract on the Shanghai Futures Exchange dipped 1.5% to 64,900 yuan a tonne, its lowest since Nov. 4.