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Shares slid and oil tumbled as growing unrest in China over Covid restrictions sent a shiver through global markets. The dollar steadied after strengthening in the risk-off mood while Treasuries rose.
Europe’s equity benchmark fell, with oil companies among the steepest decliners. US stock futures dropped as modest customer traffic and heavy discounting by American retailers on Black Friday added to the downbeat tone.
The yen outperformed on haven demand for the Japanese currency. The yuan weakened and Chinese equities led stock-market declines in Asia.
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