🔴 Shares and oil prices dropped all over the world following the outbreak of rare protests in major Chinese cities over the government’s anti-Covid policies.
November 28, 2022 7:50 pmprotests in major Chinese citiesThe protests added a political element into mounting business concerns after months of stringent measures to curb the virus in the world’s second largest economy will hasten a global recession.
London’s FTSE 100 closed down 12.65, at 7474.02. Other stock markets also fell, with Hong Kong’s Hang Seng ending down 1.6 per cent, having dropped more than four per cent at one point. China’s benchmark index, the CSI 300, closed down 42.5 points. In Europe, the Stoxx closed 26.9 points down, while in the US shares on Wall Street opened down.
“The long-standing Covid restrictions in China have been extremely restrictive to its growth. As the world’s second largest economy, having civil unrest added to this backdrop is bound to create immense uncertainty,” Craig Erlam, senior analyst at OANDA, said.
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