Shanghai lockdown fears drag markets, oil prices

By Agence France-Presse

Jul 12, 2022 12:06 am

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.

The news came after a forecast-busting United States jobs report last week indicated the world's top economy was coping so far with the Federal Reserve (Fed) interest rate hikes, giving it room for more as it battles soaring inflation.

STORMY DAYS AHEAD? Lightning strikes during a thunderstorm over Shanghai on Monday, July 11, 2022. AFP PHOTO

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