Worries that the Chinese economy is heading for a sharp slowdown this quarter are hitting markets today, says the strategy team at Saxo Bank:
White-knuckle markets after an ugly close Friday on Wall Street spilled into the Monday session in Asia, with concerns of new strict Covid lockdowns in Beijing driving an ugly move lower in Chinese equities and a steep drop in crude oil. Also, the sudden Chinese decision to weaken its currency at a blistering pace last week has unsettled currency markets, driving an sharp acceleration lower in EM [emerging market] currencies in particular.Concerns over demand from China’s factories, and the prospect of several US interest rate rises this year, knocked copper. It has dropped by 1.5% to $9,961 per tonne, the lowest since 16 March.
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