CHINA LOCKDOWN WORRIES HIT ASIAN EQUITY, CRUDE MARKET’S

Asian markets and oil prices mostly fell today with a fresh Covid flare-up in Shanghai fanning fears of another economically painful lockdown in China’s biggest city. The news came after a forecast-busting US jobs report last week indicated the world’s top economy was coping so far with the Federal Reserve interest rate hikes, giving it room for more as it battles soaring inflation. Traders are also keeping tabs on developments in Washington as President Joe Biden weighs removing some of the Donald Trump-era tariff on Chinese goods worth hundreds of billions of dollars. Shanghai recorded more than 120 virus cases at the weekend, having seen its first case of the highly contagious BA.5 Omicron strain, forcing officials to launch another mass testing drive.

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VOP Lagos

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