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China’s gloomy economic outlook

Today's news headlines:

‘China’s spreading outbreak stokes fear of Beijing lockdown’. Rising Covid cases in Beijing are stoking fears of another lockdown in the major Chinese city. Beijing residents are being told to test three times a week as part of the nation’s ‘zero-Covid’ policy and are already stockpiling in preparation for a strict lockdown. A second major city going into lockdown after Shanghai would be a significant blow to the Chinese economy, threatening to further disrupt global supply chains. (Bloomberg)

‘Emmanuel Macron defeats Marine Le Pen to be re-elected French President’. Emmanuel Macron has won the French election for a second term, leading with 58.5% of the vote. President Macron’s opposition, Marine Le Pen, conceded after the first projections showed a 58% vote in favour of Macron in Sunday’s presidential run-off. Macron vowed to tackle the country’s ‘divisions and doubts’ as 28% of voters were absent, the highest level since 1969. (Financial Times)


Global equities and commodities tumbled this morning, as China’s worsening Covid outbreak stoked fears of a stricter lockdown and slower economic growth in the world’s second-largest economy. Sovereign bond yields slid while the US Dollar climbed on a trade-weighted basis.


UK Rightmove House Price Index YoY (Apr): 9.9%
German IFO Sentiment Surveys (Apr): 9:00AM
US Chicago Fed National Activity Index 1:30PM

Interbank rates:

GBP/USD – 1.2738
GBP/EUR – 1.1868
EUR/USD – 1.0733
USD/CAD – 1.2738

The markets are moving. To speak to our team, please call +44 (0)20 3465 8200.