Australian shares to edge higher; Fisher & Paykel Healthcare beats revenue guidance; US stocks tumble; $A drops; risk of OPEC output cut rises. Follow updates here.
Commodities tumbled as China’s COVID-19 outbreak worsened and a series of stunning street protests in cities across the nation threaten to derail economic activity and sap demand for energy, food and raw materials.
People in Hong Kong hold sheets of blank paper and flowers to protest against COVID-19 restrictions in mainland China.Meanwhile, soybeans reversed earlier losses after Argentina revived a currency measure Friday that would buoy its soy sales. Iron ore also bucked the trend, with futures in Singapore gaining as much as 5.6 per cent after China said it’ll end one of its major equity fundraising bans on property developers.
Beijing could respond by further loosening controls – which it has already signalled in its long-term plan – which would boost the world’s second-largest economy, or clamping down to quell social unrest, further dampening demand for a number of key commodities.
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