SHAFAKNA TURKEY. With the first death from Covid-19 in China in 6 months, there are fears that measures will be tightened. The dollar starts the week strong as stocks and oil fall on concerns over China.
Asia-Pacific stocks started the week negative due to negative news flow about Covid-19 in China.
While the MSCI Asia Pacific index fell to a weekly low, Hong Kong’s Hang Seng, which fell more than 3 percent for a while, was the largest stock market in the Asia-Pacific region, which suffered the heaviest losses in the morning.
Kospi is losing 1 percent due to profitable sales to technology and battery companies in South Korea. US futures also point to a negative opening.
The dollar starts the week strong. The Bloomberg dollar index rose 0.2% to 1286 points. Developing country currencies are also losing value against the dollar.
The US 10-year bond yield fell four basis points to trade at 3.79%. US oil is below $80, down 1 percent due to concerns over China’s Covid measures.
Spot gold also fell 0.4% to $1,744 an ounce.
China’s first Covid deaths in 6 months alarmed
After Covid deaths seen in China for the first time in 6 years, anticipation for a tightening of the “zero covid” policy is growing.
An 87-year-old patient from Beijing, who developed symptoms of Covid-19 on November 11, died on Saturday, according to information provided by the official Beijing Daily.
The city of Shijiazhuang, with a population of 11 million, purported to be a test city for the reversal of China’s Zero Kovid policy, has also been quarantined after the number of Covid-19 cases doubled.
Steve Bryce of Standard Chartered Bank said the number of new cases has created difficulties for the authorities and said: “We are seeing a strong rally in Chinese markets after the recent easing of measures. Investors will first of all want to see the measures that will be taken against the increase in the number of cases,” he commented.
In the shadow of these developments, the People’s Bank of China maintained its annual loan premium rate, which is an indicator of lending rates, at 3.65 percent. The bank also raised liquidity from the market for the first time since November 9 through a reverse repurchase agreement.
Bloomberg XT
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