The recent Chinese massive protest has been a big topic of discussion across the globe. Over the weekend, protests against the Chinese government’s strict COVID-19 lockdown restrictions grew more intense and expanded to dozens of university campuses around China, posing the Communist Party with an unprecedented challenge on a scale unseen in decades.
In China, protests are not uncommon. Multiple protests against the same issue occurring simultaneously across the nation are unusual.
A record number of illnesses have recently spread across China at the same time as the protests, prompting new lockdowns. The number of cases recorded by the National Health Commission on Sunday was over 39,500, which is a record high for the pandemic.
The Chinese are now staging massive protests to combat continuing covid lockdowns in their country. pic.twitter.com/nxe207d21N— Clay Travis (@ClayTravis) November 27, 2022
As protests over China’s draconian COVID regulations raged for the third day and spread to numerous cities in the wake of a deadly fire in the nation’s far west, hundreds of protesters and police engaged in violent altercations in Shanghai on Sunday night.
Asian Market Sentiment
Hang Seng fell more than 3% in morning trade on Monday as the market was affected by the protests in China over President Xi Jinping’s COVID-zero policy.
SGX Nifty Sentiment
Indian Indices are likely heading for a negative start and SGX Nifty is currently indicating 72 pts negative at this moment
CrudeOil Demand Worries
Early on Monday, oil futures slid more than 2.73% as investors remained cautious ahead of an agreement on a Western price ceiling on Russian oil and an OPEC+ summit. Protests in the top importer China over harsh COVID-19 curbs fueled demand worries.
Oil prices are in the making of fresh 2022 lows on demand concerns from the largest oil importer in the world.
Shanghai Composite Sentiment
In mainland China, the benchmark index Shanghai Composite slid 0.92%. Chinese yuan also plunged against dollar by 0.6% to 7.234 per dollar.
Chinese Central Bank PBOC said last Friday that it would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500 billion yuan ($69.8 billion) in long-term liquidity to prop up the faltering economy.