Stocks, oil skid sharly today as China’s Covid protests roil sentiment
Stocks and oil slid sharply on Monday as rare protests in major Chinese cities against the country’s strict zero-COVID curbs raised worries about management of the virus in the world’s second-largest economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan slumped 2.2%, pulled lower by heavy selling in Chinese markets.
Hong Kong’s Hang Seng Index shed 4.16%, China’s CSI300 Index declined 2.22% and the yuan fell in morning trade.
“The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category. It means investors will become more risk-averse,” Gary Ng, Natixis economist in Hong Kong told Reuters.
