FTSE 100

The resource stocks sell-off has been triggered by fears about Covid lockdowns in Shanghai, China's economic hub. “Oil is extending the downtrend having already ...

On the plus side, sterling has lost nine-tenths of a cent to fall to hit its lowest level against the US dollar since late 2020. “Chinese equities have suffered heavy losses with the Shenzhen Composite shedding more than 5% while the yuan hit a one-year low after Beijing reported a jump in Covid cases over the weekend while mainland China grapples with its worst outbreak since the start of the pandemic in early 2020. Meanwhile China’s economic hub Shanghai reported growth of 3.1% in the first quarter, sharply slowing year-on-year as the city remains under prolonged lockdown. “The scourge of Covid continues, with China unwavering in its zero-tolerance policy. In China, the Shanghai Composite is 122 points weaker at 2,965, its lowest level since 2020, as strict restrictions have begun to spread in the People’s Republic, with authorities ordering mandatory Covid tests in a district of Beijing. Two of these – Reckitt Benckiser PLC and Unilever PLC (LSE:ULVR) – are classic defensive stocks, as both produce fast-moving consumer goods. Increasingly though it looks like the FOMC [Fed’s interest rate-setting committee] will opt for 50bps,” said Neil Wilson at Markets.com. Some chatter about a 75bps hike was heard from arch-hawk James Bullard, but this is not terribly plausible. In Japan, the Nikkei 225 is 467 points lighter at 26,638 while in Hong Kong the Hang Seng is 663 points in the hole at 19,976. With plenty of things to worry about, investors have been happy to sell blue-chips in London this morning, sending the FTSE 100 165 points (2.2%) lower at 7,356. While the worsening Covid situation in China is taking top billing on the list of things troubling bulls, inflation and the threat of rising interest rates are the main support acts. The index of big-cap shares is down 168 points (2.2%) at 7,353, with the number of stocks defying the trend now up to six.

London's FTSE 100 slid more than 1.5% on Monday, dragged down by financial and commodity stocks, as concerns over global economic slowdown clouded ...

(Reporting by Devik Jain in Bengaluru; Editing by Sherry Jacob-Phillips) Article content Article content

The markets have fallen out of bed in a big way on Monday after a big sell-off in Asia amid fears of a Covid lockdown in Beijing.

Regulators in Chile, where a left-wing administration was recently elected, have recommended blocking the next phase of Anglo American’s Los Broncos copper project. The markets have fallen out of bed in a big way on Monday after a big sell-off in Asia amid fears of a Covid lockdown in Beijing. “Some inflation numbers are out at the end of this week in the US and could have an influence on the market’s mood as we head into May,” says AJ Bell investment director Russ Mould.

While the FTSE 100 has lagged other global indexes, these two FTSE 100 stocks have performed excellently. Can their strength continue?

This means that revenue growth is likely to be far slower from now. For example, in the latest full-year trading update, revenues were able to increase 41% year-on-year to over $37bn, and core earnings per share increased from $4.02 to $5.29. Reported EPS was far lower ($0.08), due to the acquisition of Alexion and restructuring charges during the year. For example, the Russia-Ukraine conflict has meant that the group has paused exports to Russia and the Russian division has suspended manufacturing its beers. Although Diageo’s business in Russia contributes less than 1% of operating profits in the half-year results, this is still not good news. There is hope that profits can continue to increase too. Two good examples include Diageo (LSE: DGE) and AstraZeneca (LSE: AZN), both of which have provided steady returns for investors over the years.

Polymetal International PLC said Monday that first-quarter revenue rose amid higher prices despite a fall in gold equivalent production. ---. City of London ...

0125 GMT - Aluminum prices are lower in early Asian trading, as China's Covid-19 curbs are hurting economic activity and reducing demand for the industrial metal, brokerage Marex says in a note. --- --- --- --- 0639 GMT - The FTSE 100 is forecast to open lower with spreadbetting firm IG expecting it to fall 117 points after declines across global equities on Friday. "Friday's sell-off marked the end of a disappointing week for markets in Europe, as well as the U.S. after Federal Reserve Chair Jay Powell signalled that the Fed could well go much harder, and a lot quicker when the central bank pulls the trigger on the first of what might be several 50 basis points rate hikes, starting next month," CMC Markets analyst Michael Hewson says in a note.

"2022 has started with price rise momentum even greater than during the stamp duty holiday-fuelled market of last year,” said Tim Bannister,...

On the plus side, sterling has lost nine-tenths of a cent to fall to hit its lowest level against the US dollar since late 2020. Meanwhile China’s economic hub Shanghai reported growth of 3.1% in the first quarter, sharply slowing year-on-year as the city remains under prolonged lockdown. “Chinese equities have suffered heavy losses with the Shenzhen Composite shedding more than 5% while the yuan hit a one-year low after Beijing reported a jump in Covid cases over the weekend while mainland China grapples with its worst outbreak since the start of the pandemic in early 2020. House prices in Britain have hit a record high, with more than half of the properties selling at or over the final advertised asking price, according to the property listings website Rightmove. “The scourge of Covid continues, with China unwavering in its zero-tolerance policy. “In terms of economic numbers, this week is an important one: the US inflation numbers are coming out this week. Against this backdrop, China’s strict, zero-tolerance policy on coronavirus is adding to fears that the country’s economic activity will slow down, denting supply chains which may, in turn, dampen growth across the globe. “There are a number of factors which have triggered this risk off-trade,” said Naeem Aslam, chief market analyst at avatrade.com. “Firstly, the conflict between Ukraine and Russia keeps traders on their toes. Two of these – Reckitt Benckiser PLC and Unilever PLC (LSE:ULVR) – are classic defensive stocks, as both produce fast-moving consumer goods. Some chatter about a 75bps hike was heard from arch-hawk James Bullard, but this is not terribly plausible. Increasingly though it looks like the FOMC [Fed’s interest rate-setting committee] will opt for 50bps,” said Neil Wilson at Markets.com. With plenty of things to worry about, investors have been happy to sell blue-chips in London this morning, sending the FTSE 100 165 points (2.2%) lower at 7,356.

Polymetal International PLC said Monday that first-quarter revenue rose amid higher prices despite a fall in gold equivalent production. ---. City of London ...

--- --- --- --- --- "Fears about Covid-19 lockdowns in China's economic hub Shanghai as well as the potential for a faster Fed tightening path are weighing on [crude] demand expectations," Interactive Investor Victoria Scholar says in a note.

FTSE 100 over fell over 2% in early trade on Monday after Covid lockdown fears in China led to big sell-offs in Asia and stoking fears of further ...

As China continues mass testing in its largest district, investors become wary of Asian markets resulting in large sell-offs ultimately impacting global markets including the FTSE 100. Glencore shares were trading down 6.4% to 445p, followed by Rio Tinto shares dropping 4.5% to 5,405p. Scottish Mortgage Investment Trust has large holdings in tech stocks and as investors swerve away from Asian markets, the trust’s shares lost 3.6% to 874p. Amongst financial services companies, Standard Chartered and HSBC shares decreased 2.5% and 3.2% to 502p and 506p respectively as the banks have significant exposure in Asia and investors remain cautious about the rising US interest rates expected by the Fed. Later in the week, the US Fed is expected to announce aggressive monetary policies, leaving investors on the edge of their seats as it “could have an influence on the market’s mood as we head into May,” added Mould. The impact of the policies may backfire and result in a recession. China has been battling the rise of the pandemic with severe lockdown measures resulting in a decline in oil and metal imports in the country as its industrial sector faces a slowdown.

An overnight rally on Wall Street spread to Europe this morning, helping London's main stock market reverse some of yesterday's losses.

A recovery in metal prices helped support miners such as Anglo American, which rose 108½p, or 3.5 per cent, to £33.34½p and Glencore, up 17¼p, or 3.8 per cent, to 466½p. The FTSE 100 rose 67.65 points, or 0.9 per cent, to 7,446.67, and the FTSE 250 index added 151.77 points, or 0.7 per cent, to 20,751.30, in line with the main bourses on the Continent. An overnight rally on Wall Street spread to Europe this morning, helping London’s main stock market reverse some of yesterday’s losses.

The FTSE had 96% of its constituents in the red after the bell, with energy and commodity stocks the biggest drag on the index.

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(Reuters) -London's FTSE 100 slid 2% on Monday, dragged down by commodity and financial stocks, as concerns over global economic slowdown clouded investors' ...

(Reuters) -Blackstone Inc on Monday raised its bets on the property sector with a $7.6 billion deal to buy real estate investment trust (REIT) PS Business Parks. Under the deal,... Bucking the sombre mood, shares of Polymetal climbed 5.1% after the Russian gold and silver producer said its first-quarter revenue grew by 4% year-on-year to $616 million due to higher gold prices. "Having spent most of the last few weeks trying to put to one side concerns about events in eastern Europe, a slowdown in China, and the increasing risks of what inflation might do to company earnings, as well as consumer incomes, the final straw appears to be a concern about the prospect of a policy mistake by central banks, and a possible recession by the end of the year," Michael Hewson, chief market analyst at CMC Markets UK said in a note. [GLOB/MKTS] Oil majors BP (LON: BP) and Shell (LON: RDSa) were down 4.7% and 3.8%, respectively, while the industrial mining sub-index lost 6.1%, tracking lower crude and metal prices as prospects of prolonged COVID-19 lockdowns in China stoked demand fears. (Reuters) -London's FTSE 100 slid 2% on Monday, dragged down by commodity and financial stocks, as concerns over global economic slowdown clouded investors' risk appetite ahead of a barrage of corporate earnings reports due this week.

(Reuters) -London's FTSE 100 slid 2% on Monday, dragged down by commodity and financial stocks, as concerns over global economic slowdown clouded investors' ...

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Tighter lockdown restrictions in China are hitting resource stocks while everything else (it seems) is being affected by fears over rising...

On the plus side, sterling has lost nine-tenths of a cent to fall to hit its lowest level against the US dollar since late 2020. House prices in Britain have hit a record high, with more than half of the properties selling at or over the final advertised asking price, according to the property listings website Rightmove. “The scourge of Covid continues, with China unwavering in its zero-tolerance policy. Meanwhile China’s economic hub Shanghai reported growth of 3.1% in the first quarter, sharply slowing year-on-year as the city remains under prolonged lockdown. “In terms of economic numbers, this week is an important one: the US inflation numbers are coming out this week. “April’s CBI survey adds to evidence that the manufacturing sector is slowing as customers temper their demand in the face of huge increases in prices. Against this backdrop, China’s strict, zero-tolerance policy on coronavirus is adding to fears that the country’s economic activity will slow down, denting supply chains which may, in turn, dampen growth across the globe. “There are a number of factors which have triggered this risk off-trade,” said Naeem Aslam, chief market analyst at avatrade.com. “Firstly, the conflict between Ukraine and Russia keeps traders on their toes. Given emerging evidence that demand is faltering in response to hefty price rises, manufacturers are understandably pessimistic about the outlook; the business optimism balance dropped to -34 in Q2, from -9 in Q1,” Tombs reported. On Sunday, Beijing residents (21.5m) began to undergo mass testing following a jump in cases in the capital. “This, in turn, has prompted concerns that China’s zero covid policy will hobble the ability of the Chinese government in meeting its GDP target for this year. “China's COVID-19 crisis continues to worsen despite a decline in the seven-day moving average of daily cases.

Global markets have dropped this morning amid concerns over rates rises soaring inflation and the threat of prolonged lockdowns in China.

This followed severe falls in Asian markets with the Hang Seng Index crashing 3.7 per cent and the Shanghai Stock Exchange losing 5.1 per cent. In Europe, the Dax slumped 1.7 per cent and the CAC 40 was down 2.4 per cent. At midday today, the FTSE 100 was down 2.1 per cent and the S&P 500 dropped 2.8 per cent.

Beijing could soon be back in lockdown, sending China shares back to lows not seen since before the pandemic. Germany could fall into recession if there is an ...

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London's top index ended the day up 5.65 points, or 0.08%, at 7,386.19 points. Michael Hewson, chief market analyst at CMC Markets UK, said: “After some big ...

Start your Independent Premium subscription today. The firm said revenues surged 30% year-on-year in the first three months of 2022, helping shares to rise by 8p to 233p. As a result, shares in Ocado declined by 86p to 950p at the close of play, representing a three-year low for the stock. Shares in the banking firm slid by 27.75p to 472.85p on Tuesday. The lender posted a 28% drop in pre-tax profits to 4.2 billion US dollars (£3.3 billion) for the first three months of 2022. The pound increased by 0.02% against the dollar to 1.262, and fell 0.1% against the euro to 1.183. HSBC also saw shares drop as first-quarter profits tumbled by more than a quarter after taking a hit on expected bad debts due to the Ukraine war and soaring inflation. “As the day has progressed, a lot of these gains have started to dissipate, and once US markets opened, the slide back from the highs of the day has accelerated. The French Cac was down 0.4% and the German Dax decreased 1.14% by the end of the session as they swung into the red later in the session. In company news, Ocado settled at the bottom of the FTSE 100 after a poor performance in the latest Kantar grocery market share survey. “The inability of equity markets to hold on to today’s initial gains doesn’t bode particularly well and speaks to a general lack of confidence more broadly about the economic outlook, and the ability of central banks to engineer a ‘soft landing’ as they look to tackle inflation.” The FTSE 100 still crawled over the finish line in the green as commodity and property firms helped to keep it in positive territory.

These three FTSE 100 shares have crashed between 25% and 39% over the past three months. After these falls, I see all three stocks as dirt-cheap today!

All three companies are household names: ITV, Barclays and Royal Mail. In the past 90 days, these three stocks have fallen by 34.7%, 28.6% and 25.4%, respectively. Even so, I’d happily buy and hold these three cheap shares today, both for capital growth and passive income. Most FTSE 100 shares have fallen in value over the past three months. Of 100 stocks in the blue-chip index, only 30 have risen in value over 90 days. Lastly, all three companies operate in very different industries. That said, this mini-portfolio’s average earnings yield is a tasty 20.9%. Also, it offers a dividend yield of 4.5% a year. During my latest ‘bottom fishing’ in the FTSE 100, I found three company shares that have taken a beating over the past three months. These declines range from just 0.4% to a whopping 38.4%. The average fall across all 70 losers is 13.4%. I’ve been looking for cheap, lowly rated and deep-value shares among these laggards. Although I see value in all three of these FTSE 100 shares, I would never build a portfolio with only three stocks. Then again, this 4.5% cash yield is easily covered 4.7 times by earnings, which provides a huge margin of safety. First, their price-to-earnings ratios range from 3.9 at Barclays to 8 at ITV — very undemanding multiples. At the other end of the scale lie 70 FTSE 100 shares that have lost value.

Beijing could soon be back in lockdown, sending China shares back to lows not seen since before the pandemic. Germany could fall into recession if there is an ...

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That move should make bonds more appealing at the expense of equities, while a slump in the world's second biggest economy due to the ongoing Covid crisis would ...

More than four in ten said they would not be able to save money in the next 12 months. Candace Browning, head of global research at Bank of America, said: "Concerns around rates and recession are now the biggest risks for investors. "Market moods have deteriorated as the Covid situation in China is not improving and the media is hinting that Beijing could be next in line for a lockdown after Shanghai and several other major cities.” “The prospect of further restrictions in China could lead to a poisonous mix of further inflationary pressure, as supply chains in the so-called ‘factory of the world’ get disrupted, and weaker economic growth. Germany could fall into recession if there is an embargo of Russian energy. Rabobank strategist Jane Foley said: “We had German officials saying last week that if there was an immediate embargo of Russian energy then it would cause a recession in Germany. And if there was a recession in Germany, that would drag the rest of Europe down and have knock on effects for the rest of the world.”

Anglo American shares were weaker after the Chilean environmental regulator recommended denying an extension to its Los Bronces copper project. Chile's ...

Reports of panic buying in the capital Beijing emerged overnight as people feared a hard lockdown amid rising Covid cases that has seen the country's biggest city of Shanghai shut down in the past month. FTSE 100 - Fallers FTSE 100 - Risers The FTSE 100 was down 1.48% at 7,410.11 at 1431 BST. FTSE 100 movers: Anglo American down on Chile expansion doubts

UK Market News: The UK stock market extended the weak trade on Monday, with the blue-chip FTSE 100 index down by over 1.5%. The zero Covid policy of China ...

The shares of the company have been on a surge since talks started about its takeover by Elon musk. The CNN+ service of the company, which was launched just a few weeks ago, is being shut down. US Markets: The US market is expected to have a sluggish start, as indicated by the futures indices. Mining shares like Anglo American and Rio Tinto, and companies focused on Asia, including Burberry, have taken a hit in London. Rio Tinto plc ( LON: RIO): The shares of the Anglo-Australian mining business, Rio Tinto plc, were down by 4.20%, with a day’s low of GBX 5,426.00. The company has reported a drop of 15% in its iron ore shipments in the first quarter of 2022. Anglo American plc ( LON: AAL): The shares of the UK-based mining giant, Anglo American plc, were down by 6.30%, with a day’s low GBX 3,242.50. The company has recently reported less-than-expected production in the first quarter of 2022.

London was led lower by its mining giants on Monday as a bruising session for global stock markets saw the FTSE 100 register its worst day for weeks.

The troubled retailer said that it is in rescue talks with banks and lenders to get more money through the door. Start your Independent Premium subscription today. It was weighed on by Anglo American, Rio Tinto and Glencore, which dropped due to falling metal prices. This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply. The biggest fallers on the FTSE 100 were Anglo American, down 237p to 3,223.5p, BP, down 24p to 368.85p, Glencore, down 27p to 449.35p, Aveva, down 138p to 2,381p, and Ashtead, down 245p to 4,394p. By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice. Cat Rock said that the purchase had been a “mistake” and new leaders were needed to rebuild credibility. The biggest risers on the FTSE 100 were Reckitt, up 178p to 6316p, Unilever, up 65.5p to 3,606.5p, Hikma, up 27p to 2,039p, Hargreaves Lansdown, up 12p to 978.8p, and Dechra Pharmaceuticals, up 44p to 336.6p. “The re-election of Emmanuel Macron as French President has almost become an irrelevance to the wider overall concerns around the global economy, offering little in the way of a lift to French markets or the euro.” “The 5.5% target had already started to look difficult to achieve after Q1 GDP came in at 4.8%, and with little sign of an economic reopening this target is already being revised lower by various banks.” “European markets have been a sea of red today, after a weak lead from Asia which was prompted by sharp falls in Chinese markets as the Covid situation in Shanghai continued to deteriorate, with deaths rising to a record level,” Mr Hewson said. Sterling dropped 0.04% to 1.2709 against the dollar and 0.03% to 1.187 euros.

Commodity stocks and banks led a near 2% drop in London's FTSE 100 on Monday as fears of a global economic slowdown sapped sentiment at the start of a week…

McColl’s Retail Group slumped 53.1% as the British convenience store chain forecast tepid annual core profit after a weaker-than-expected Easter performance, dented by lower consumer spending and supply chain disruptions. Article content Article content

US stocks were also weak in the New York morning session weighed down by worries over the pace of Federal Reserve interest rate hikes and...

On the plus side, sterling has lost nine-tenths of a cent to fall to hit its lowest level against the US dollar since late 2020. House prices in Britain have hit a record high, with more than half of the properties selling at or over the final advertised asking price, according to the property listings website Rightmove. “The scourge of Covid continues, with China unwavering in its zero-tolerance policy. Meanwhile China’s economic hub Shanghai reported growth of 3.1% in the first quarter, sharply slowing year-on-year as the city remains under prolonged lockdown. “In terms of economic numbers, this week is an important one: the US inflation numbers are coming out this week. “April’s CBI survey adds to evidence that the manufacturing sector is slowing as customers temper their demand in the face of huge increases in prices. Against this backdrop, China’s strict, zero-tolerance policy on coronavirus is adding to fears that the country’s economic activity will slow down, denting supply chains which may, in turn, dampen growth across the globe. “There are a number of factors which have triggered this risk off-trade,” said Naeem Aslam, chief market analyst at avatrade.com. “Firstly, the conflict between Ukraine and Russia keeps traders on their toes. Given emerging evidence that demand is faltering in response to hefty price rises, manufacturers are understandably pessimistic about the outlook; the business optimism balance dropped to -34 in Q2, from -9 in Q1,” Tombs reported. On Sunday, Beijing residents (21.5m) began to undergo mass testing following a jump in cases in the capital. “This, in turn, has prompted concerns that China’s zero covid policy will hobble the ability of the Chinese government in meeting its GDP target for this year. “China's COVID-19 crisis continues to worsen despite a decline in the seven-day moving average of daily cases.

The UK blue-chip index in the green, despite increase in UK borrowing and slide in grocery sales.

This year the bank has taken a charge of $642 million, with this $1 billion swing being the major factor for lower profits. "In the corresponding quarter last year and after the effects of the pandemic had been less severe than forecast, HSBC released $435 million of impairments. On inflation, Fraser McKevitt, head of retail and consumer insight at Kantar, said: “The average household will now be exposed to a potential price increase of £271 per year. As was the case then, the shock is being aggravated by a surge in restrictions in trade of food, fuel and fertilizers,” said Indermit Gill, the World Bank’s Vice President for Equitable Growth, Finance, and Institutions. “These developments have started to raise the specter of stagflation. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: "Cost pressures are mounting for retailers and the fashion behemoth that is Primark is no exception. The combination of rising prices and increased demand saw the cooking oil market grow by 17% over April. Sunflower oil, Britain’s most popular choice for frying, and vegetable oil grew even faster, up by 27% and 40% respectively.” Price increases for food commodities—of which Russia and Ukraine are large producers—and fertilizers, which rely on natural gas as a production input, have been the largest since 2008. “While HSBC has kicked off UK bank updates in poor form, Lloyds has sailed to the top of the index, bolstered by Taylor Wimpey’s solid outlook on the UK housing market. Looking ahead, inflation and the war in Ukraine will continue to pose downside risks to confidence and may further curb consumer spending this year.” The latest problems in China aren’t helping, but domestic demand for durable goods is robust, so the recovery in manufacturing output is set to continue," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. Nevertheless, commodity prices are expected to remain well above the most recent five-year average. He added: “Investors are back to fretting about economic growth, returning to the theme that dominated at the end of last week.

HSBC Holdings PLC said its profit for the first quarter fell 28% year-over-year, as it made provisions for souring loans in Russia and China, but the banking ...

--- --- --- --- --- --- --- --- --- --- --- On the red side, shares in HSBC plunged after reporting a profit drop for the first quarter.

London's stock market dropped this morning after a heavy sell-off in Asia on concerns about rapid rate rises in America and China's tough Covid-19 ...

On Friday, the index dropped 1.4 per cent as part of a broad sell off in Europe and the United States after the hawkish tone of the US Federal Reserve. The Dow Jones industrial average fell 2.8 per cent. The FTSE 100 index fell more than 2 per cent, or 156 points, to 7,365.7, led lower by mining and energy stocks, and a stronger dollar pushed the pound down more than 1 cent to $1.2735, the weakest since September 2020. London’s stock market dropped this morning after a heavy sell-off in Asia on concerns about rapid rate rises in America and China’s tough Covid-19 restrictions spread to Beijing, adding to worries about slowing global growth.

(Reuters) -Commodity stocks and banks led a near 2% drop in London's FTSE 100 on Monday as fears of a global economic slowdown sapped sentiment at the start ...

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Concerns over an expansion of lockdowns encompassing Beijing drove crude oil, iron, and other commodity prices sharply lower in early Monday trading. This ...

On the plus side, sterling has lost nine-tenths of a cent to fall to hit its lowest level against the US dollar since late 2020. House prices in Britain have hit a record high, with more than half of the properties selling at or over the final advertised asking price, according to the property listings website Rightmove. “The scourge of Covid continues, with China unwavering in its zero-tolerance policy. Meanwhile China’s economic hub Shanghai reported growth of 3.1% in the first quarter, sharply slowing year-on-year as the city remains under prolonged lockdown. “In terms of economic numbers, this week is an important one: the US inflation numbers are coming out this week. “April’s CBI survey adds to evidence that the manufacturing sector is slowing as customers temper their demand in the face of huge increases in prices. Against this backdrop, China’s strict, zero-tolerance policy on coronavirus is adding to fears that the country’s economic activity will slow down, denting supply chains which may, in turn, dampen growth across the globe. “There are a number of factors which have triggered this risk off-trade,” said Naeem Aslam, chief market analyst at avatrade.com. “Firstly, the conflict between Ukraine and Russia keeps traders on their toes. Given emerging evidence that demand is faltering in response to hefty price rises, manufacturers are understandably pessimistic about the outlook; the business optimism balance dropped to -34 in Q2, from -9 in Q1,” Tombs reported. On Sunday, Beijing residents (21.5m) began to undergo mass testing following a jump in cases in the capital. “This, in turn, has prompted concerns that China’s zero covid policy will hobble the ability of the Chinese government in meeting its GDP target for this year. “China's COVID-19 crisis continues to worsen despite a decline in the seven-day moving average of daily cases.