Asia shares, oil prices rally as China speculation swirls

Asian shares rallied as Beijing’s latest move to support developers boosted the property sector and rumours swirled that recent public unrest might prompt an earlier loosening in COVID-19 restrictions. | Reuters

Shares of Chinese property companies certainly surged after the country’s securities regulator lifted a ban on equity refinancing for listed property firms.

The sudden bout of optimism on China combined with talk of possible output cuts by OPEC+ to help oil prices rally. “We estimate that Apple now has significant iPhone shortages that could take off roughly at least 5 percent of units in the quarter and potentially up to 10% depending on the next few weeks in China around Foxconn production and protests.”Richmond Federal Reserve Bank President Thomas Barkin became the latest official to douse speculation the U.S. central bank would reverse course on interest rates relatively quickly next year.

The Fed is not alone in being hawkish, with European Central Bank President Christine Lagarde warning that euro zone inflation has not peaked and could go even higher.

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