Shares slid and oil tumbled as growing unrest in China over COVID restrictions sent a shiver through global markets.
Europe's equity benchmark fell, with oil companies among the steepest decliners. U.S. stock futures dropped as modest customer traffic and heavy discounting by American retailers on Black Friday added to the downbeat tone.
“The Chinese reopening won't be a piece of cake -- it looks like the Chinese economy may further suffer, either from endless and pointless lockdown measures, or from a severe health crisis,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note. The downbeat mood emanating from China contrasts with the boost to sentiment in global markets last week after the Fed's Nov. 1-2 meeting minutes showed most officials backing slowing the pace of interest-rate hikes. Since the Fed's latest meeting, investors have parsed a bevy of economic data that somewhat eased inflation concerns, further strengthening the case for smaller rate hikes.
Strategists at Goldman Sachs Group Inc. and Deutsche Bank said stock markets are in for a wild ride next year as they don't yet reflect the risk of a U.S. recession.
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