Morning Bid: China + policy hawks = drag on markets
The social unrest flaring up across China - and how Beijing responds to it - remains front and center for Asian markets, suggesting the sentiment driving trading on Tuesday will again be negative.
Just to compound investors' caution, two U.S. Federal Reserve officials on Monday reiterated their conviction that monetary policy must be tightened further and kept at restrictive levels for some time yet in order to get inflation under control.against strict zero-COVID policy and restrictions on freedoms are spreading. Chinese assets are, unsurprisingly, under pressure - the offshore yuan fell on Monday for a fifth straight day and Chinese stocks had their biggest decline in a month.
A little more surprising, however, given the scale of the unrest, is that the declines have been contained and orderly. There is no obvious sense of forced selling. Yet. . Does the unrest accelerate a re-opening of the economy, or does it prompt President Xi Jingping to double down? Either way, volatility and lack of visibility should prevail in the near term.
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