Markets hit by China lockdown fears; UK manufacturing confidence slides amid supply crunch – business live

Fears over China’s economy are rising as Beijing district launches mass-testing, factory confidence drops and more British households are hit by rising costs

Worries that the Chinese economy is heading for a sharp slowdown this quarter are hitting markets today, says the strategy team at Saxo Bank:

White-knuckle markets after an ugly close Friday on Wall Street spilled into the Monday session in Asia, with concerns of new strict Covid lockdowns in Beijing driving an ugly move lower in Chinese equities and a steep drop in crude oil.

Also, the sudden Chinese decision to weaken its currency at a blistering pace last week has unsettled currency markets, driving an sharp acceleration lower in EM [emerging market] currencies in particular.

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Source: theguardian
Markets hit by China lockdown fears; UK manufacturing confidence slides amid supply crunch – business live