Riskier assets under pressure as countries struggle to contain virus outbreaks
Foreign exchange traders monitor screens in Tokyo, Japan. Picture: GETTY IMAGES/CARL COURT
In Beijing, policymakers kept the benchmark lending rate for corporate and household loans unchanged at its July fixing on Tuesday, despite growing expectations for a cut after a surprise lowering of bank reserve requirements. Riskier assets globally have come under pressure as many countries struggle to contain the outbreak of the fast-spreading Delta virus variant, raising fears that further lockdowns and other restrictions could upend the worldwide economic recovery.
Oil prices plunged more than 6%, driven down both by worries about future demand and by an Opec oil cartel agreement to increase supply.
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