Market Briefing: China unrest rocks global markets
Markets are in risk-off mode this morning as protests against China’s “zero-covid” policies boil over and raise uncertainty in the world’s second-largest economy. Treasury yields are slumping as investors seek safety and speculators unwind leveraged positions, and the dollar is trading on a slightly weaker footing. The bravery of people confronting a regime with unsurpassed control over its citizens has been inspiring and astonishing, but Beijing’s long history of stamping out dissent would suggest that the current bout of unrest will be short-lived, with limited implications for the broader global economy. Xi Jinping is unlikely to hand protestors a symbolic...