Clashes between police and protesters across several major cities over the weekend halted a tentative stocks rally that gathered pace last weekSydney/London — Stocks and commodities prices suffered a broad sell-off on Monday 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, also slid. Brent crude dropped 3.1% to $81.05 a barrel by 0950 GMT. Fears about Chinese economic growth hit other commodities markets, with copper and other metals also falling on the protests. Robert Subbaraman, Nomura’s Asia ex-Japan chief economist, said there is a risk China’s plan to live with Covid-19 is too slow, surging cases fuel more protests and social unrest further weakens the economy.
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