on concern of a weakening demand outlook from China and on news that Saudi Arabia is considering an Opec+ increase of up to 500,000 barrels a day.
The offshore yuan weakening against the dollar on Monday is the “largest negative macro factor price driver for the S&P 500,” said Charlie McElligott, managing director for cross-asset strategy at Nomura Securities International.
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Business Maverick: Stocks drop amid China Covid worries, Fed rate: markets wrapStocks and emerging-market currencies decline in Asia amid concern that China may tighten Covid curbs after reported deaths, and as investors weigh the outlook for US rate hikes.
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