{"id":24653,"date":"2022-04-27T04:21:24","date_gmt":"2022-04-27T04:21:24","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/04\/27\/share-prices-fall-on-concerns-over-further-china-lockdowns\/"},"modified":"2022-04-27T04:21:24","modified_gmt":"2022-04-27T04:21:24","slug":"share-prices-fall-on-concerns-over-further-china-lockdowns","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/04\/27\/share-prices-fall-on-concerns-over-further-china-lockdowns\/","title":{"rendered":"Share prices fall on concerns over further China lockdowns"},"content":{"rendered":"
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Stocks in the US and Asia have fallen on fears over the impact of lockdowns in China on global economic growth.<\/b><\/p>\n<\/div>\n

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On Tuesday, the tech-heavy Nasdaq Composite Index closed at its lowest level since late 2020.<\/p>\n<\/div>\n

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Tesla has been a major plunge, with more than $125bn (\u00a399.3bn) wiping out its market value as CEO Elon Musk moves forward with his takeover of Twitter.<\/p>\n<\/div>\n

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Concerns over earnings reports from some of the world’s largest technology companies also weighed on markets.<\/p>\n<\/div>\n

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At the same time, news that Russia will cut gas supplies to Poland and Bulgaria also added to the negative sentiment.<\/p>\n<\/div>\n

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Investors were already concerned about the prospect of aggressive rate hikes in the US and around the world to combat rising global inflation and the war in Ukraine.<\/p>\n<\/div>\n

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Authorities in Beijing are trying to stamp out a Covid-19 outbreak and avoid a repeat of the citywide restrictions that locked down Shanghai for a month.<\/p>\n<\/div>\n

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  • Beijing starts mass testing after Covid spike<\/li>\n
  • Stock markets tumble on China lockdown fears<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    This has raised concerns about growth prospects in the world’s second-biggest economy and the potential global spillover.<\/p>\n<\/div>\n

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    On Wednesday, Japan’s Nikkei 225 index was down 1.4%, while South Korea’s Kospi index fell 1%.<\/p>\n<\/div>\n

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    That was followed by stock market declines in New York, with the Dow Jones Industrial Average closing 2.4% lower on Tuesday and the Nasdaq down nearly 4% on Tuesday.<\/p>\n<\/div>\n

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    Alvin Tan, head of Asia FX strategy at RBC Capital Markets, told the BBC there were concerns about a potential lockdown in Beijing.<\/p>\n<\/div>\n

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    “The extended lockdown in Shanghai and other parts of the country has seriously damaged economic activity and consumer sentiment,” Mr Tan said.<\/p>\n<\/div>\n

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    \u201cBeijing alone contributes about 3.5% to China’s GDP, while Shanghai contributes about 4%. So it would be a huge blow to the overall economy if these two cities went into lockdown at the same time,\u201d he added.<\/p>\n<\/div>\n

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    Meanwhile, Tesla shares lost more than 12% as the chief executive moved forward with his takeover of Twitter.<\/p>\n<\/div>\n

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    “The only thing we know for sure is that Musk considers himself a free speech absolutist, so that’s what the platform’s primary focus will be from now on,” said Dexter Thillien, senior analyst for technology and telecoms at the Economist Intelligence Unit .<\/p>\n<\/div>\n

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    After U.S. markets shut down, Google’s parent company Alphabet said the war in Ukraine hurt YouTube’s advertising sales, which helped drive shares lower in after-hours trading.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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