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China's anti-lockdown protests shake stocks and oil

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Global stocks and oil prices suffered a broad sell-off as rare protests in major Chinese cities against the country's strict zero-COVID curbs hit growth expectations in the world's second-largest economy

Oil prices, sensitive to the strictness of China's lockdown as a barometer for demand, fell near to their lowest levels this year. Brent crude dropped 3.4% to trade at $80.8 a barrel by 1208 GMT.

"Unprecedented waves of protest in China have caused ripples of unease across financial markets, as worries mount about repercussions for the world’s second-largest economy," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. Some investors were puzzled by the fall in the usually safe-haven dollar against currencies like the yen and euro on Monday, withThe dollar was last down 0.7% against the yen at 138.1.

There were also protests in Wuhan, Chengdu and parts of the capital Beijing as COVID restrictions were put in place. The COVID rules and resulting protests are creating fears the economic hit for China will be greater than first expected.

 

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Giga Shanghai is ok? elonmusk, maybe it is worth overestimating the risks of locating production in autocracies?

Wheew. Glad Uncle Joe declared pandemic over in the US.

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