London/Beijing – In the background of the increasing scope of the ongoing agitation in China and the shocks to the economy due to the ‘Zero Covid Policy’, there was a vigorous fall in the stock markets worldwide on Monday. The stock indices of the UK, France, and Germany in Europe and Japan, South Korea, Singapore and India in Asia came down. At the same time, crude oil rates also fell by three per cent to nearly $80 per barrel. The value of the US dollar and the Chinese yuan currency was also seen falling.
Coronavirus patients have been continuously increasing in China; accordingly, the restrictions have been getting stricter. Due to this, the dissatisfaction of Chinese people has intensified, and the protests have been ongoing continuously since last week. Repercussions of these upheavals in the world’s second-ranked economy have also been beginning to be felt internationally. China has been leading in all three areas: manufacturing, international trade and global supply chain. But due to Corona restrictions, all of them have suffered a big shock, and investors have become restless.
The repercussions of this were felt in the global stock markets on Monday. Major stock indices in the US, Europe and Asia declined from 0.5 to 1%. It has also come to light that some stock indices have reached the lowest level of the year. The crude oil market also fell sharply after the share markets. Crude oil rates fell three per cent to $81 a barrel on Monday. Analysts have indicated that the value of the American dollar and the Chinese yuan currency has also come down, the repercussions of which will continue for the next few days over the stock market.
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