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Asian indices as well as European and US index futures launched new week lower amid new wave of protests in China
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Protests erupted in China as Chinese authorities continue to tighten coronavirus restrictions. Chinese people are protesting not only against Covid measures but also against Chinese Communist Party
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People started to protest in major Chinese cities after firefighters in Xinjiang region were unable to reach fire on time due to Covid restrictions, resulting in death of 10 people
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Indices from Asia Pacific traded lower with Nikkei dropping 0.5%, S&P/ASX 200 moving 0.4% lower and Kospi taking a 1.2% hit. Indices from China traded up to 2% lower
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DAX futures point to a lower opening of the European cash session
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RBA Governor Lowe said that wage growth is consistent with inflation returning to target. However, he also said that demand in the economy remains too strong compared to supply
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RBNZ Assistant Governor Silk said that forecasts suggest that recession will be shallow. She also said that a turn in inflation would be needed to slow tightening
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United States authorized Chevron to resume oil production in Venezuela. Chevron was earlier suspended from operating in Venezuela as part of US sanctions against Maduro regime
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Iraq plans to increase oil export capacity by 1.0-1.5 million bpd by 2025. Export capacity will increase by around 150-250k bpd from next year
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Oil trades almost 3% lower at the beginning of a new week. Strict Covid measure in China combined with supply boost (Chevron, Iraq) pushed WTI price to the lowest level since December 2021
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Cryptocurrencies are trading lower amid pick-up in risk aversion. Bitcoin drops 2.4%, Ethereum trades 3.6% lower while Dogecoin slumps almost 10%
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Precious metals are trading mixed - gold drops 0.2%, silver moved 0.9% lower while platinum gains 0.2% and palladium jumps 1.1%
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Safe haven flows can be spotted on FX market with JPY and CHF being the best performing major currencies while AUD and CAD lag the most
Oil dropped to the lowest level since December 2021 as China continues to tighten Covid restrictions, hitting demand, and supply in other parts of the world is set to increase (Venezuela, Iraq). Source: xStation5
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