FAST FIVE: Futures Slide, Commodities Tumble On Chinese Covid Protests
Here are the other notable premarket movers: Chinese shares listed in the US declined in premarket trading, with major internet stocks bearing the brunt of a selloff triggered by nationwide protests against Beijing's Covid Zero policies.
Alibaba Group fell 1.5%, JD.com slipped 2%; shares of electric car makers Nio and Li Auto also declined.
Echoing Michael Wilson's call, Deutsche Bank strategists said they also expect the bear market rally to continue into the first quarter of 2023, but that the risk of an economic contraction will hammer equities in the third quarter.
Hang Seng and Shanghai Comp were pressured as the PBoC's recent 25bps RRR cut was overshadowed by the COVID situation in China and with tech also hit after US FCC banned equipment authorisations for Chinese telecommunications and video surveillance equipment deemed to pose a threat to national security, although casino names outperformed after Macau renewed the licences of the six existing operators.
The story is dominating Asian markets this morning.