Fall on the Asian stock exchanges

SHAFAQNA TURKEY – Asian Stock Markets Fall Due to Covid Protests

Hong Kong shares suffered losses in the negative Asia-Pacific session on Monday amid turmoil over China’s ongoing Zero Covid policy.

Oil futures are hovering around fresh 2022 lows as concerns about demand from the world’s second-biggest oil consumer weigh on prices.

The Hong Kong Hang Seng Index fell 4% at the open and was last trading 2.26% lower. The Shanghai complex fell 1.16% and the Shenzhen complex fell 1.3%.

The offshore yuan weakened sharply against the dollar after closing last week at 7.20 per dollar. U.S. oil futures fell more than $2, hitting their lowest level since December 2021.

Over the weekend, the People’s Bank of China announced that it would cut the reserve requirement for banks by 25 basis points to 7.8% and invest about 500 billion yuan in long-term liquidity. The National Bureau of Statistics reported that industrial profits fell 3 percent year on year in the first 10 months of the year.

Retail sales for the S&P/ASX 200 in Australia fell 0.36% in October, down 0.2% from the previous month. The Nikkei 225 lost 0.62% and the Topix lost 0.79%. Kospi fell 0.95% in South Korea.

bloomberg