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COVID-19 wave in China prompts sell-off in global markets

In this article:
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Yahoo Finance Live’s Julie Hyman joins the Live show to discuss the COVID-19 wave concerns in China that have prompted a sell-off in global markets.

Video transcript

BRIAN SOZZI: Markets in Europe and Asia were falling this morning as the COVID situation in China continues. And that, in fact, is our third thing. This is following that Wall Street selloff Asian equities on Friday. And Julie, really selling pressure across the board here.

JULIE HYMAN: Yeah, we are seeing that selling pressure. And it's particularly acute in Asia, of course, but then it's also over here. So some of it has to do with what we were just talking about. That is actually talking about those fears about a lockdown in Beijing, what effect is that going to have on inflation, sort of the knock-on effects. But there are also continuing concerns and the feedthrough of the promise of increasing rates here in the United States.

But just to take a look at what's going on around the globe, here you have in Shanghai a drop of more than 5%, Hong Kong dropping almost 4%. And then you see it really spreading across the globe from what we saw there. And in particular, if you zero in on Shanghai, here's the overnight session down, that 5% drop that we have seen. But the selling has been acute over the past week or so, so down 8% over the past five days as there's been concern about this increasing amount of lockdowns. And then there's the month chart, where you see that 9% drop in the Shanghai Composite.

If you bring it back on over here to the United States and what we are seeing here, I wanted to focus on the 10-year yield for one, because interestingly this morning, even though there are still rate concerns being mixed up with the COVID stuff, rates are actually down this morning, 2.81%. So that's a far cry from where we were one week ago today, when we were talking about closer to 2.9%. So still concerns about yields trending up in the future, but not right now.

And then, Sozz, I wanted to check on over what's going on with some of these Chinese EDRs that trade here in the United States, because that's something that you flagged to me. So if we can show what they're doing in the premarket, you had talked about the declines that we're seeing there.

BRIAN SOZZI: Yeah, Pinduoduo, a Jared Blikre favor, a lot of those stocks are, in fact, under pressure. But, Julie, the biggest report this week in earnings-- of course, we'll have Twitter earnings. That's important to watch.

But it's Apple on April 18. Apple comes out here and they never say anything on their earnings release per se. But, of course, you want to put more focus on how they did in China. And then on that earnings call, how are these lockdowns impacting China's business here? That report can really set the tone for the market.

By and large, we have not gotten a lot of earnings reports from producers of stuff. You're not going to see China lockdowns really impacting Coca-Cola's business. But still, Apple very key.

JULIE HYMAN: Yeah, and let's take a look at Apple real quick while we're here. It's down about a half a percent this morning. Here's what it did on Friday, that 3% drop that we saw in Apple.

We've been talking a lot recently about the selloffs that we've seen occurring in some of these big cap tech stocks into the numbers. It's not necessarily the case with Apple. Right, Netflix was down 40% going into its numbers. Meta shares are down going into its numbers because there's so much pessimism. There doesn't seem to be as much pessimism, Sozz--

BRIAN SOZZI: For now.

JULIE HYMAN: --as much pessimism going into Apple's numbers. You've seen more of a choppy trade. And yes, it's down from its more recent highs. But it's not the same magnitude of a selloff like we have seen with some of these other large-cap tech stocks. But we're going to talk a lot about tech over the course of the show.

BRIAN SOZZI: We will indeed be doing so. All right.

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