Premarket: World stocks tumble on Chinese COVID outbreaks

World stocks and oil prices fell on Monday as fresh COVID-19 restrictions in China exacerbated worries about the global economic outlook.

Beijing’s most populous district urged residents to stay at home on Monday as the city’s COVID case numbers rose, while at least one district in Guangzhou was locked down for five days. “There is demand for safe havens like the dollar and riskier assets are on the back foot,” she added. China’s yuan eased to a 10-day low against the dollar on Monday, as worsening COVID-19 infection numbers and fresh mobility restrictions dented market sentiment.Atlanta Federal Reserve President Raphael Bostic on Saturday said he was ready to step down to a half-point interest rate hike in December but also underlined that rates would likely stay high for longer than markets expect.

There are at least four Fed officials scheduled to speak this week, ahead of a speech by Chair Jerome Powell on Nov. 30 that will define theCentral banks in Sweden and New Zealand are expected to hike rates this week, perhaps by 75 bps.

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