Stock markets fall in wake of Beijing lockdown fears
Stock markets across Europe have fallen after sharp declines in Asia on fears Covid restrictions in China could hit supply chains and the global economy.
The FTSE clawed back from some losses from morning trade but the index closed the day 1.8% down. Germany and France recorded similar declines.Overnight China's Shanghai Composite Index fell by more than 5% while Hong Kong's Hang Seng closed 3.7% lower. Oil giants such as BP and Shell saw their share prices fall on Monday. Shares in mining giants such as Anglo American, Glencore and Rio Tinto were also among the biggest losers in early trading.
Then you have the wider background - of continued Covid-related disruption to supply chains; of shortages and rising prices linked to the war in Ukraine; and of speculation the US Federal Reserve and other central banks will hike interest rates faster than expected in an effort to keep a lid on inflation.
In Shanghai, where there was a fresh outbreak a few weeks ago, much of the city is in lockdown or facing restrictions.
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