HONG KONG: Asian markets and oil prices fell on Monday after a fresh Covid flare-up in Shanghai fanned fears of another economically painful lockdown in China's biggest city. Hong Kong-listed casino operators were also sharply lower after gambling hub Macau began a weeklong lockdown to curb its worst coronavirus outbreak. "The resilience of the US labor market, with the unemployment rate at 3.6 percent, as well as jobs markets elsewhere, helps to offer a compelling narrative to those who think recession concerns are overblown," CMC Markets analyst Michael Hewson said. Fed policymakers have said they are determined to bring inflation down from four-decade highs, even if that means hurting growth. Worries about another shock to the Chinese economy from possible shutdowns also dented oil markets as concerns about a hit to demand outweighed ongoing concerns about tight supplies.

Source: Manila Times July 12, 2022 04:12 UTC