Wednesday 16th March 2022View our disclaimer and terms of use: nab.co/3shJyypView our NAB Financial Services Guide: nab.co/3rvJtI9Chinese equities have been hit hard again today, despite data showing very strong retail sales, industrial production and fixed asset investment. NAB’s Ray Attrill says it’s a mix of increasing COVID cases, causing more lockdowns, and China’s position over the Ukraine war. They want to keep the peace with Russia without attracting sanctions from the west. Is it a sign of the shifting balance of influence that China is negotiating with Saudi Arabia to buy oil in Yuan? Besides the war and COVID, inflation is still a major concern, with the FOMC meeting in less than 24 hours. 25 basis points is more or less locked in, but it’s the rate of future rises and the associated commentary that will attract attention in these uncertain times.

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15 Mar 2022