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Wall Street: Wall Street opens lower, China worries


PARIS (Reuters) – The New York Stock Exchange opened lower on Monday amid China-linked risk aversion where violent protests against health restrictions are raising fears of an impact on the country’s economy and tensions in the business supply chains.

In early trading, the Dow Jones index lost 125.02 points, or 0.36%, to 34,222.01 points and the broader Standard & Poor’s 500 fell 0.44% to 4,008.21 points.

The Nasdaq Composite lost 0.13%, or 14.06 points, to 11,212.28.

Several hundred demonstrators, unhappy with the health restrictions imposed for three years by the authorities, clashed with the police on Sunday evening in Shanghai, while the protest movement spread to many cities in the country.

Some analysts, like Mark Haefele, chief investment officer at UBS Global Wealth Management, believe that this protest movement, combined with the rise in infections of the SARS-CoV-2 virus in China, could worsen the problems in the chain. global supply.

In values, Apple fell 1.08%, the Bloomberg agency having reported that the disruptions in the Zhengzhou factory in China of its subcontractor Foxconn could cut production of iPhone Pro by nearly six million. units.

Biogen fell 1.7% after information published on Sunday by the Science.org site reporting a death in the context of a clinical trial of the treatment against Alzheimer’s disease from the American laboratory.

Amazon, Target, Best Buy, Walmart advance from 0.56% to 2.63% while online sales in the United States for “Cyber ​​Monday” are expected to reach a record figure of 11.2 billion dollars, a up 5.2%, according to Adobe Analytics forecasts. Those of “Black Friday” represented 9.12 billion dollars, still according to Adobe Analytics.

Casino operators Wynn Resorts (+1.21%) or Melco Resorts & Entertainment (+3.56%) are wanted, the Macao authorities having announced on Saturday the granting of new licenses from January to groups already present in this Chinese special administrative region.

(Written by Claude Chendjou, edited by Kate Entringer)

Copyright © 2022 Thomson Reuters



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