Asian stocks decrease as lockdowns in China continue

News of the day, Monday, 23 May

The U.S. dollar decreased on Monday, as China is set to lift its Shanghai lockdown and return to normal starting from June 1. Additionally, Beijing performed a large rate cut last week that hints at further support for the Chinese economy.

Oil prices increased on Monday as the U.S. fuel demand, tight supply, and weaker USD supported the market. Brent crude rose 97 cents, and WTI crude rose 80 cents.

Asian stocks weakened today on increasing worries about global rising interest rates and China’s COVID-19 situation. The MSCI’s broadest index of Asia-Pacific outside Japan was down 0.3%.

European stocks trade otherwise: Euro Stoxx 50 futures up 1.35%, German DAX futures 1.4% higher, and FTSE futures increased by 0.83%.

The price of Brent crude is $111.10, WTI — $111.25, GBP/USD — 1.2562, EUR/USD — 1.0630, and gold costs $1861.00 per ounce.