News of a surge in cases and deaths involving Covid-19 in China triggered economic jitters and pushed global equities down at the opening of the morning trading session.
Following the news, the city of Beijing urged its citizens to stay at home on Monday while Guangzhou re-implemented travel restrictions (lockdown) for a period of 5 days.
This matter indirectly returns the world's concerns about the re-implementation of the lockdown in the world's 2nd largest economic power.
Commenting the chairman of Great Hill Capital, Thomas Hayes, the Chinese government is seen as unwilling to risk destroying the zero-Covid effort by taking immediate measures for this short period of time.
The streak, Wall Street saw a sell-off in its indices with the technology to energy sector including communication services and consumers being seen to be affected.
The Dow Jones Industrial Average fell 0.13% to 33,700.28, the S&P 500 lost 0.39% to 3,949.94 and the Nasdaq Composite was down 1.09% to 11,024.51.
MSCI's broadest index of global shares fell 0.72% while shares in Europe were relatively flat.
This morning in Asia, Japan's Nikkei 225 rose 0.6%, Topix added 0.82%, Australia's S&P/ASX 200 climbed 0.5% while the Kospi and Kosdaq each fell 0.34% and the MSCI Asia Pacific gauge was flat.
In the meantime, the dollar was seen surging as concerns over Covid-19 in China gave the greenback a 0.82% jump advantage while the Euro fell 0.82% at $1.0239.
Treasury yields also showed an increase ahead of the United States (US) Thanksgiving holiday when there is a possibility of interest rate hikes by the Federal Reserve (Fed).
The benchmark 10-year note bounced at 3.8419% while the 2-year note yielded at 4.5651% and the 30-year bond at 3.9066%.
