- Growing anger in China over COVID restrictions sent a chill through global markets, causing shares to fall and oil prices to plunge. In a risk-off environment, the dollar strengthened before stabilising, and treasuries increased.
- The benchmark for European equities decreased, with oil companies among the sharpest losers. US stock futures fell as a result of the lacklustre black Friday sales and low customer traffic at American retailers.
- On haven demand for the Japanese currency, the yen outperformed. Chinese stocks took the lead in stock market declines across Asia as the yuan weakened.
- Expectations of the country's path to reopening are made more difficult by the upheaval in China, which has recently boosted sentiment toward riskier assets combined with expectations of more gradual increases in federal reserve interest rates. The likelihood that China may abandon its COVID ZERO strategy earlier than anticipated was also evaluated by dealers.
