Global financial markets were mixed on Monday, with US government bond prices falling ahead of this week’s Federal Reserve’s monetary policy meeting, and European stocks rising on hopes of talks between Russia and Ukraine.
In equity markets, the Stoxx Europe 600 share index, which has fallen more than a tenth so far this year as investors became increasingly concerned about sanctions against Russia choking off commodity supplies and causing recessions, added 0.5 per cent.But elsewhere, shares in China fell on signs that widespread lockdowns could once again become commonplace as the world’s second-largest economy deals with its biggest Covid-19 outbreak since the start of the pandemic two years ago.
Consumer price inflation in the US rose to an annual rate of 7.9 per cent in February, a fresh 40-year high, while price rises have also hit a record in the eurozone and are expected to exceed 7 per cent in the UK this spring.has signalled that the US Federal Reserve will start hiking rates with a 25 [basis point] move,” analysts at research house Gavekal said in a note to clients.Hong Kong’s Hang Seng index fell 5.3 per cent and China’s CSI 300 index dropped 3.1 per cent after 17.
China reported more than 1,800 cases of Covid-19 on Sunday, the most daily cases in two years, as authorities struggled to contain the country’s biggest outbreak since coronavirus emerged in Wuhan in 2020.“If the lockdown is extended, China’s economic growth will be significantly affected,” said Raymond Yeung, chief economist for Greater China at ANZ.
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