New Chinese industrial numbers also not encouraging
Sydney — Asian share markets were mixed on Tuesday and oil was weaker as investors sought to digest the economic implications of China’s Covid policy adjustments and a rescue package for the country’s struggling property sector.
Some Chinese cities have begun cutting routine community testing, days after China announced an easing of some of its strict coronavirus measures. At the same time, however, Covid-19 case numbers in the country have grown. Oil dropped on fears China could impose further lockdowns in some cities. US crude fell 0.43% to $85.43 a barrel while Brent crude slipped 0.2% to $92.81.“Surging case numbers continue to be a key downside risk. Another round of lockdowns cannot be ruled out if cases keep rising,” ANZ economists said on Tuesday.
Inflation in the US remains at the top of the mind for many global investors who are waiting for producer price index data later on Tuesday. The dollar rose 0.34% against the yen to 140.15 . It is still some distance from its high this year of 151.94 on October 21.
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