{"id":1753297,"date":"2022-11-28T08:04:16","date_gmt":"2022-11-28T13:04:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1753297"},"modified":"2022-11-28T08:18:20","modified_gmt":"2022-11-28T13:18:20","slug":"chinas-anti-lockdown-protests-shake-stocks-and-oil","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinas-anti-lockdown-protests-shake-stocks-and-oil\/","title":{"rendered":"China\u2019s Anti-Lockdown Protests Shake Stocks and Oil"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchinas-anti-lockdown-protests-shake-stocks-and-oil%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1753297&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>SYDNEY\/LONDON\u2014Stocks and commodities prices suffered a broad sell-off on Monday as rare protests in major Chinese cities against the country\u2019s strict zero-COVID-19 curbs hit growth expectations in the world\u2019s second-largest economy.<\/p>\n<p>Clashes between police and protesters across several major cities over the weekend halted a tentative <a href=\"https:\/\/www.theepochtimes.com\/t-stocks\">stocks<\/a> rally that gathered pace last week as hope-starved <a href=\"https:\/\/www.theepochtimes.com\/t-markets-2\">markets<\/a> had seized any morsel of good news.<\/p>\n<p>Europe\u2019s benchmark STOXX index fell 0.9 percent in early trading after MSCI\u2019s broadest index of Asia-Pacific shares outside Japan fell 1.2 percent on selling in Chinese markets.<\/p>\n<p>Oil prices, sensitive to the strictness of China\u2019s lockdown as a barometer for demand, also slid. Brent crude dropped 3.1 percent to trade at $81.05 a barrel by 0950 GMT.<\/p>\n<p>\u201cClearly the harsh China lockdowns have been impacting their consumer and business sentiment for some time and the persistent downgrades to China GDP have been consistent for well over a year now with further downgrades to come,\u201d George Boubouras, executive direct of K2 Asset Management in Melbourne, said.<\/p>\n<p>\u201cMarkets do not like uncertainty and investors will look for some clarification to China\u2019s very harsh domestic lockdown protocols.\u201d<\/p>\n<p>Fears about Chinese economic growth hit other commodities markets, with copper and other metals also falling on the protests.<\/p>\n<p>Australia\u2019s benchmark stock index closed 0.42 percent lower while its risk-sensitive currency was off more than 0.8 percent. Japan\u2019s Nikkei stock index fell 0.4 percent.<\/p>\n<p>U.S. markets looked set to follow the bearish mood on Monday, with S&#038;P 500 futures 0.8 percent lower.<\/p>\n<h2>China COVID-19 Worries Dwarf Central Bank Moves<\/h2>\n<p>The bigger worries about China\u2019s COVID-19 policies dwarfed any support to investor sentiment from the central bank\u2019s 25 basis point cut to the reserve requirement ratio (RRR) announced on Friday, which would free up about $70 billion in liquidity to prop up a faltering economy.<\/p>\n<figure id=\"attachment_4888829\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/11\/28\/protests-1-e1669602708414-1200x713.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4888829\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/protests-1-e1669602708414-600x357-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"357\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4888829\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/protests-1-e1669602708414-600x357-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"357\" \/><\/noscript><\/figcaption><\/a> Police keep some protesters behind a cordon during a protest against the Chinese regime\u2019s strict zero-COVID measures in Beijing, China, on Nov. 27, 2022. (Kevin Frayer\/Getty Images)<\/figure>\n<p>China announced a fifth consecutive day of record new local cases with 40,052 infections on Monday.<\/p>\n<p>In Shanghai, demonstrators and police clashed on Sunday night as protests over the country\u2019s stringent COVID-19 restrictions flared for a third day.<\/p>\n<p>There were also protests in Wuhan, Chengdu, and parts of the capital Beijing as COVID-19 restrictions were put in place.<\/p>\n<p>Robert Subbaraman, Nomura\u2019s Asia ex-Japan chief economist, said there is a risk China\u2019s plan to live with COVID-19 is too slow, surging COVID-19 cases fuel more protests and social unrest further weakens the economy.<\/p>\n<p>The dollar extended gains against the yuan, rising 0.4 percent but off earlier session highs.<\/p>\n<p>The COVID-19 rules and resulting protests are creating fears the economic hit for China will be greater than first expected.<\/p>\n<p>Yields on benchmark 10-year Treasury notes reached 3.663 percent from its U.S. close of 3.702 percent on Friday. The two-year yield, which tracks traders\u2019 expectations of Fed fund rates, fell to 4.448 percent compared with a U.S. close of 4.479 percent.<\/p>\n<p>The dollar dropped 1 percent against the yen to 137.74 after initially trading higher earlier in the day. It remains well below this year\u2019s high of 151.94 on Oct. 21.<\/p>\n<p>Gold prices edged up. Spot gold was traded at $1,762 per ounce.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-reuters\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/reuters-logo-.jpg\" alt=\"Reuters\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SYDNEY\/LONDON\u2014Stocks and commodities prices suffered a broad sell-off on Monday as rare protests in major Chinese cities against the country\u2019s strict zero-COVID-19 curbs hit growth expectations in the world\u2019s second-largest<\/p>\n","protected":false},"author":1,"featured_media":1753300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1753297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1753297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1753297"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1753297\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1753300"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1753297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1753297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1753297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}