Börse Express – New York stocks: Investors cash in after wave of protests in China

NEW YORK (dpa-AFX) – Fears of a further tightening of Chinese restrictions against Covid marred investor sentiment on US stock markets earlier in the week. Beijing’s threat of tougher measures against the coronavirus pandemic has triggered the largest wave of protests in the country in decades and is likely to further dim global economic growth prospects.

Der Dow Jones industrialist it fell 1.17% to 33,945.90 points after rising 1.8% the previous week to its highest level since April. S&P 500 at market level it lost 1.25% on Monday to 3975.78 points. The high-tech Nasdaq 100 it fell 1.07% to 11,630.17 points.

Market expert Andreas Lipkow explained that the events in China appeared to be an opportunity for many market participants to sit on the sidelines for the time being. The effects of the protests are difficult to estimate and represent a serious mixed situation for many industries and sectors. The protests have spread to many cities and manufacturing sites in China and could lead to significant disruptions in supply chains in Europe, the United States and Asia, Lipkow warned.

A prominent example is the iPhone maker Apple , which is already clearly affected by the events and whose shares have slipped by 2.5 percent. According to an insider, production losses at supplier Foxconn in the Chinese metropolis Zhengzhou are likely to reduce iPhone production by nearly six million devices compared to this year’s plan. Due to China’s strict pandemic measures, there have been protests and riots around the world’s largest iPhone factory in recent weeks.

A report of another death linked to the lecanemab antibody used to treat Alzheimer’s weighed on Biogen’s papers , which slipped 3.5%. Titles from Swedish development partner Bioarctic
it recently dropped by 22% in Stockholm.

Shares of China’s largest agricultural online platform Pinduoduo, listed on the Nasdaq, rose more than 13%. The company reported revenue of nearly $5 billion for its fiscal third quarter, which significantly exceeded average analyst expectations.

That of the German chemical retailer Brenntag
confirmed interest in US rival Univar Solutions
increased its shares by 4.6%. If there will be a transaction it is still open. The market for trade in chemicals is considered to be highly fragmented.

Valuations by UK bank Barclays for shares in US food maker Beyond Meat and Tyson Foods caused price losses of about three and a half percent each./edh/jha/

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0264 2022-11-28/20:07

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