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Rising Covid cases in China hit the UK market

November 21, 2022 at 04:58 am EST

Despite all the bad economic news surrounding England, investors cheered signs that China is ready to ease Covid restrictions and that the Fed seems likely to pivot to a more dovish policy, despite hawkish comments from Fed officials. The FTSE 100 gained 0.5% on Friday and 0.9% for the week.

Rising Covid cases in China hit the UK market

But the increase in the number of Covid cases in China renewed tension in the Chinese financial market, which is weighing on UK indexes this morning.

The UK's energy and mining sectors are especially hit, as oil and metal prices fell on fears over lower Chinese demand.

Among stocks, Virgin Money rose 12% after posting a 43% increase in full-year profit due to higher rates.

Things to read today:

China Stocks Slide as Covid Flareups Dent Optimism (Bloomberg)

UK Business leaders urge Sunak to seek better EU relations (Financial Times)

US – Europe Trade Boom as Old Allies Draw Closer (WSJ)

Romain Fournier

Chief Editor

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	VIRGIN MONEY UK PLC	213.2 GBX	+0.47%	-0.65%	3.52B
	FTSE 100	8,370 PTS	-0.55%	-0.89%	-

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