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AP National Business

Global shares gain, oil prices fall as Shanghai locks down

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Published 4:43 AM

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Global shares are mostly higher and oil prices have fallen after Shanghai went into a nine-day semi-lockdown. Benchmarks rose in Paris, Frankfurt, Hong Kong and Shanghai but fell in Tokyo and Seoul. U.S. futures edged higher. With China’s economic growth already slowing, the restrictions on activity imposed to fight COVID-19 infections in China’s biggest financial and commercial center could worsen unemployment, sap consumer demand and complicate already snarled global supply chains. More broadly, the war in Ukraine and inflation are clouding the global outlook. Wall Street ended last week with a moderate rally, with the S&P 500 closing 1.8% higher.   

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