Asian markets fall as China protests, lockdowns cloud outlook

BANGKOK — Shares skidded in Asia on Monday, with Hong Kong briefly dipping more than 4% following weekend protests in various cities over China’s strict zero-COVID lockdowns.

U.S. futures were lower after a mixed, shortened session Friday on Wall Street. Oil prices fell more than $2 a barrel. “For investors, when it comes to China, trying to predict with any degree the reopening certainty that has no certainty, basis, or track record to go by is looking like a dangerous game in the context of the disquietening protests and the colossal challenge China’s leaders now have on their hands,” Stephen Innes of SPI Asset Management said in a commentary.

“The cuts are a bid to support weakening economic growth dragged down not only by COVID restrictions but also a deeper property market rout,” Mizuho Bank noted in a report. However, it said, that news was overshadowed by rising numbers of virus cases and the protests. Nearly 70% of stocks in the benchmark index gained ground, but the broader market was dragged lower by technology companies, whose high valuations give them more heft in pushing the market higher or lower.

Investors remain concerned about whether the Federal Reserve can tame the hottest inflation in decades by raising interest rates without going too far and causing a recession.

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Asia markets set to fall amid unrest in China over Covid restrictionsAsia-Pacific markets are set to trade lower on Monday amid unrest in China over its continued zero-Covid policy and a growing number of cases reported in the nation. Asian markets should fall until the CCP can treat their citizens better! Did you see what the police did to the smart phone/Apple factory protestors? Disgusting!!! 🤮 The Chinese protestors are being treated terribly! 😢 Allow them to peacefully protest. Somethings gotta give. These poor people being told they have to live in a bubble, except when it comes to putting 12 hours in a factory for Apple. I’d be mad too. Giga Shanghai is ok? elonmusk, maybe it is worth overestimating the risks of locating production in autocracies?
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