Markets plunge on China lockdowns, rate hike fears

Oil markets are sharply lower as China struggles to get a grip on a Covid outbreak, hitting demandStock markets and oil prices sank Monday on growing concern that lockdowns in China aimed at fighting a worsening Covid outbreak could further harm a world economy battling decades-high inflation.

French President Emmanuel Macron is set to begin efforts to unite a deeply divided nation after winning re-election Sunday in a battle against rival Marine Le Pen that saw the far right come its closest to taking power. The dollar was up sharply also against the pound, but down versus the yen, seen as a haven investment in times of economic turbulence."The prospect of further restrictions in China could lead to a poisonous mix of further inflationary pressure, as supply chains in the so-called 'factory of the world' get disrupted, and weaker economic growth."

Investors were already fleeing risk assets as they become worried that the Fed tightening will knock the pandemic economic recovery off course and dent companies' bottom line.

Source: Financial Digest (financialdigest.net)

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