Shanghai remains in lockdown nearly a month after the country’s commercial and financial hub was closed in a bid to contain the worst Covid outbreak in two years.
And it keeps up the pressure on the shares of companies whose profits lie a long way off into the future, such as technology growth companies.
Meanwhile, eight weeks on from the invasion of Ukraine, the war has shifted from the predicted rapid victory for Russia to what could be a terrible war of attrition in the east of the country.
According to FactSet, a data company, growth in the quarter will end up closely to 5% as tighter profit margins offset still good revenue growth, fuelled by the booming energy sector.
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