Published: 28 November 2022,05:56
Weekly Outlook
As frustrations mount over China’s zero covid policy and continued lockdowns, protests, a rare sight in China, have sprung up all over the country. The lastest happened on Sunday, where protesters and and police clashed in Shanghai. In Wuhan, Chengdu and the capital of Beijing, demonstraters have also taken to the streets, citing disatisfaction with the strict anti-covid measures imposed. Last Thursday, a fire in the Xinjiang region killed 10, an event that many has attributed partly to the lockdowns. None of the protests have turned violent so far, although mamy have been arrested. Covid numbers have hit record highs of 40,000 in China, prompting a wave of lockdowns across the country. Equity markets have reacted largely negatively to the turmoil in the world’s second-largest economy, with the HSI sinking 3% overnight.
According to Adobe Analytics, $9.12 billion was spent on online shopping by consumers, up 2.3% from last year even as the country grappls with record-high inflation. Meanwhile, shoppers spent $5.3 billion on Thanksgiving, up 2.9% from the previous year. Electronics, toys, and exercise equipment led the purchases, which have been a positive indicator for the upcoming spending that will usually follow Black Friday, including Christmas.
Even as most cryptos continue to tumble, Dogecoin saw a sudden16% surge over the weekend, rising nearly 50% since last week in a jump that many are struggling to pinpoint the reason for. The meme coin is closely associated with Tesla founder and now-Twitter owner Elon Musk, who has expressed his support of it in the past. The latest rise might have been due to Musk’s recent comments that he is “working hard” on DOGE, while others have also speculated on the involvement of Ethereum founder Vitalik Buterin.
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