Cryptocurrency usage has been growing across different sectors such as retail, real estate and others
Stocks and oil prices slid Monday on concerns about protests across China calling for political freedoms and an end to the government’s hardline zero-Covid policy, fuelling uncertainty in the world’s number-two economy.
“Unrest in major cities in China has destabilised risk-on markets including oil which is under pressure, pushing BP and Shell towards the bottom of the UK index,” noted Victoria Scholar, head of investment at Interactive Investor.
China-linked stocks took the brunt of selling in Asia, with Hong Kong’s Hang Seng Index closing down more than one per cent and Shanghai off 0.8 per cent. The yuan slipped more than one per cent.
Europe’s main stock markets were all lower nearing the half-way stage.
“Sentiment has turned sour as unrest across China grows,” said SPI Asset Management’s Stephen Innes.
“Risk of the situation escalating from here and short-term volatility remains high.”
Hundreds of people took to the streets in China at the weekend in the country’s biggest demonstrations since pro-democracy rallies in 1989 were crushed.
A deadly fire in the Xinjiang region Thursday served as the catalyst for the public anger, with many blaming virus lockdowns for hampering rescue efforts.
People have taken to the streets in Beijing, Shanghai, Guangzhou and Chengdu calling for an end to lockdowns, after an easing of some measures had fuelled hopes of a lighter pandemic approach.
Some demonstrators were even demanding the resignation of China’s President Xi Jinping, who was recently re-appointed to a precedent-breaking third term as the country’s leader.
The latest targeted containment measures have been introduced as the country sees record-high infections.
The prospect of a hit to demand in the world’s biggest crude importer hammered oil prices, with both main contracts down around three percent.
The selling has taken a bit out of recent gains across markets sparked by hopes of a slowdown in the Federal Reserve’s interest rate hikes, with inflation finally showing signs of softening.
However, some observers said the protests could provide long-term benefits as they could force President Xi to shift away from his strict, economically damaging measures sooner.
Investors were also looking ahead to the release of US jobs data at the end of the week, which could provide clues about the Fed’s next moves, while speeches by central bank boss Jerome Powell and other key policymakers will also be pored over. — AFP
KEY TAKEAWAYS
London — FTSE 100: DOWN 0.3% at 7,461.60 points
Frankfurt — DAX: DOWN 0.8% at 14,419.04
Paris — CAC 40: DOWN 0.8% at 6,656.50
EURO STOXX 50: DOWN 0.7% at 3,933.93
Tokyo —Nikkei 225: DOWN 0.4% at 28,162.83 (close)
Hong Kong — Hang Seng Index: DOWN 1.6% at 17,297.94 (close)
Shanghai — Composite: DOWN 0.8% at 3,078.55 (close)
WTI: DOWN 3.1% at $73.94 per barrel
Brent: DOWN 3.0% at $81.14 per barrel
Cryptocurrency usage has been growing across different sectors such as retail, real estate and others
The Business Bay Gate is valued at Dh2.265 billion and the Al Safa South Gate valued at Dh469 million
Orban has been at loggerheads with Brussels for years over rule of law issues
Aggregate net profits reached $14.8 billion during the quarter
The company's shares have nearly doubled this year, after more than tripling in 2022, outperforming even Nvidia
Good monsoon is expected during September, boosting farm output
Last month, myco reported its first profitable year, with an EBITDA of $1 million and revenue of $7.5 million for the 2023-24 fiscal year
The number of commercial licences issued to UAE female nationals grew by 23 per cent from January to August 26 across various sectors