2 months ago
Asia Financial
Chinese stocks and oil prices fell sharply early on Monday, after protests in many cities against tough Covid restrictions, while the country posted another record high tally of Covid casesChinese stocks and oil prices fell sharply early on Monday, after the country posted another record high tally of Covid infections. Investors were worried about developments in major cities after an extraordinary weekend of protests across the country over restrictive coronavirus curbs – civil unrest rarely seen over the last decade. Health authorities reported a fifth straight daily record of new local cases of 40,052 on Monday, up from 39,506 a day earlier. The protests raised worries about the management of China’s zero-Covid policy and its impact on the world’s second-largest economy, while Chinese censors scrambled to remove related images and posts. The deadly fire fuelled speculation that Covid curbs in the city, parts of which had been under lockdown for 100 days, had hindered rescue and escape, which city officials denied.
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