Morning Bid: Wild oil ride amid China and crypto woe – Reuters

A look at the day ahead in U.S. and global markets from Mike Dolan.

Turbulence in oil, China’s COVID crunch and unravelling cryptocurrencies make for uncomfortable reading for investors starting to parse what looks like a recessionary year ahead.

Higher interest rates and slowing economies dominate most 2023 outlooks, not least Tuesday’s latest from the Organisation for Economic Cooperation and Development.

Although it expects the global economy at large to skirt outright recession, the Paris-based OECD said it sees world growth slowing to 2.2% next year from 3.1% in 2022 – with both British and German economies likely to contract in 2023.

Underlining the growth gloom, China’s battle with COVID and its widening curbs only seemed to worsen. Beijing shut parks, shopping malls and museums while more Chinese cities resumed mass testing for COVID-19 as the country reported new infections near April’s peaks.

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Although Hong Kong stocks took another outsize hit, downbeat…

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source: https://news.oneseocompany.com/2022/11/22/morning-bid-wild-oil-ride-amid-china-and-crypto-woe-reuters_2022112236228.html

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