- Stocks, futures, and commodities all fell as investors weighed China's deteriorating economic situation and the possibility of more aggressive interest-rate hikes stifling development. Treasury yields have fallen.
- The Asia-pacific index of MSCI declined for the sixth session in a row, with falls in Japan, Hong Kong, and China. Futures contracts for the S&P 500 and Nasdaq 100 fell, indicating further weakening as traders raised expectations for strong policy tightening to contain inflation.
- Treasuries have halted the recent sell-off that has roiled markets as they try to figure out how high rates can go. As investors sought safe havens, the dollar strengthened. As China's lockdowns amplify demand anxieties, crude dipped below $100 per barrel for the third week in a row.
- As policymakers scrambled to avert a repeat of the outbreak that has hampered shanghai for weeks, China ordered mandatory Covid tests in a district of Beijing and shut down some portions of the city. After the daily fixing was in line with projections, the offshore yuan plummeted to its lowest level since April 2021.
