US and global markets sink as unrest in China spreads - BusinessMirror

Wall Street is heading lower ahead of Monday’s opening bell amid widespread protests in China calling for Xi Jinping to step down and an end to one-party rule. Know more:

Futures for the Dow Jones industrials fell 0.5% and the S&P slipped 0.7%.

Rising numbers of COVID-19 cases could further disrupt manufacturing and transport, adding to headaches over supply chains and inflation. “The reality is that Apple is extremely limited in their options for holiday season and are at the mercy of China’s zero Covid policy which remains a very frustrating situation for Apple as well as the Street,” Ives wrote in a note to clients.

In Asian trading Monday, Hong Kong’s Hang Seng fell 1.6% to 17,297.94 and the Shanghai Composite index lost 0.8% to 3,078.55. Anxiety is riding high over the ability of the Federal Reserve to tame the hottest inflation in decades by raising interest rates without going too far and causing a recession.

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