Stocks, oil slide as China unrest grows

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STORY: Increasing protests in China over its strict lockdowns hit global stock markets on Monday (November 28).
Hong Kong's Hang Seng Index lost more than 4% at times before rebounding to close about 1.5%.
The jitters then spread to European markets, with the regional STOXX 600 index down nearly 1% in early trade.
Oil was hit even harder on concerns about what the unrest would mean for demand in China.
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International benchmark Brent crude fell about 3% in early European trade.
The falls follow a third day of protests in China's commercial capital Shanghai, parts of Beijing and other major cities.
Gary Ng is Senior Economist at Natixis:
“I think the main reason is that the markets are not good at pricing these types of uncertainties. It's a bit hard to know what's actually going to happen next and so the first reaction we see from the market is that people are starting to be associated with assets, of which of course China's onshore market and also Hong Kong belong to the victims. If we look across Asia, even Korea and Taiwan are seeing increasing levels of stress. So I think this is really when investors are actually reassessing the risk of China-related assets."
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China has enforced new restrictions as it battles a resurgent number of virus cases.
This has raised fears of renewed disruption to global supply chains.
It has also dashed investor hopes that Beijing's move to more targeted testing and control measures would herald the reopening.
In the capital, many companies now fear they may not survive until next year.

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