- The majority of Asian markets Monday fell alongside US share futures, and the dollar rose as concerns about the future of the global economy were made worse by the possibility of additional Chinese Covid controls.
- A measure of Asian equities dropped along with drops in Hong Kong and China. The promise of political stability in Japan after the ruling alliance increased its support in an upper house election was the country's lone shining example.
- A dollar index had risen to its highest point since 2020. In the basket of 10 currencies, the yen had the worst performance. Currency pegs to commodities were also under stress. Oil was among the primary commodities that were in short supply.
- With China still committed to eradicating the virus, Shanghai's revelation of its first case of the highly contagious BA.5 omicron sub-variant on Sunday and warning of extremely high dangers stoked fears of additional lockdowns. Hong Kong's casino sector suffered after Macau declared a week of near-complete business closures due to a virus outbreak.
- Treasury prices decreased, pushing the 10-yr yield for the US closer to 3.1%. Inversions in the yield curve could indicate impending economic contraction.
