Market Wizard Who Accurately Predicted 2022 Market Collapse Has Shocking New Forecast You are receiving this message because you have visited Daily Picks 365 and requested to receive daily market updates, If you no longer wish to be contacted, please click the removal link [here](. [China Protests Put Pressure on Stocks and Oil Prices]( [Click here to read full article.]( Oil prices fell close to their lowest this year on Monday as street protests against strict COVID-19 curbs in China, the worldâs biggest crude importer, stoked concern over the outlook for fuel demand. Brent crude dropped by $2.71, or 3.2%, to trade at $80.92 a barrel at 1200 GMT, having dived more than 3% to $80.61 earlier in the session for its lowest since Jan. 4. U.S. West Texas Intermediate (WTI) crude slid $2.31, or 3%, to $73.97 after touching its lowest since Dec. 22 last year at $73.60. Both benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines. âOn top of growing concerns about weaker fuel demand in China due to a surge in COVID-19 cases, political uncertainty caused by rare protests over the governmentâs stringent COVID restrictions in Shanghai prompted selling,â said Hiroyuki Kikukawa, general manager of research at Nissan Securities. Markets appeared volatile ahead of an OPEC+ meeting this weekend and a looming G7 price cap on Russian oil. China has stuck with President Xi Jinpingâs zero-COVID policy even as much of the world has lifted most restrictions. Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over the restrictions flared for a third day and spread to several cities. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, will meet on Dec. 4. In October OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023. Meanwhile, Group of Seven (G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscowâs military offensive in Ukraine without disrupting global oil markets. Recommended Video: [Market Wizard Who Accurately Predicted 2022 Market Collapse Has Shocking New Forecast]( However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. âTalks will continue on a price cap but it seems it wonât be as strict as first thought, to the point that it may be borderline pointless,â said Craig Erlam, senior markets analyst at OANDA âThe threat to Russian output from a $70 cap, for example, is minimal given itâs selling around those levels already.â The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect. (Reporting by Noah Browning; Additional reporting by Yuka Obayashi in Tokyo and Mohi Narayan in New Delhi; Editing by Kirsten Donovan and David Goodman) - ^DJI+0.45% - ^IXIC-0.52% - ^GSPC-0.03% U.S. stock futures descended early Monday as unrest in China over the nationâs restrictive COVID controls weighed on global sentiment and Wall Street returned from a holiday weekend. Futures tied to the S&P 500 (^GSPC) sank 0.8%, while futures on the Dow Jones Industrial Average (^DJI) fell 185 points, or 0.5%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) were off by 0.9%. The moves come after an up week of modest gains for stocks. The S&P 500 rose 1.5%, the Dow 1.8%, and the Nasdaq Composite 0.7% over the three and a half-day trading period, curtailed by Thanksgiving. Investors assessed widespread protests across Chinaâs major cities during the weekend over the countryâs Zero-COVID policies. The U.S. dollar gained against other currencies as the yuan slumped. Oil plunged, with West Texas Intermediate crude futures sliding more than 3% to trade below $75 per barrel. Back in domestic territory, investors face a barrage of economic data this week as they head into December. The governmentâs November jobs report, housing data, a second look at third-quarter GDP and PCE inflation are just some of the key releases on tap. Just 24 trading days remain in 2022. The Federal Reserve and officialsâ path forward for interest rates continue to be the main focus for investors, with the U.S. central bankâs final hike of the year on deck after its next meeting Dec. 13-14. Minutes from the Fedâs gathering earlier this month â and a chorus of Fed officials in recent weeks â have suggested a downshift in the size of Decemberâs rate increase is likely as policymakers look towards a âslower but higherâ rate regime. Investors are largely expecting an increase of 0.50% to the bankâs overnight interest rate, a markdown from four consecutive 0.75% hikes. While a deceleration and eventual pivot are highly awaited by equity investors, Wall Street strategists have warned that there is little to be excited about in the new year, even as inflation appears to slow and a pause on tightening nears. Goldman Sachs analysts led by David Kostin said in their 2023 outlook that the S&P 500 is likely to end next year around flat[,]( weighed down by the absence of earnings growth across companies. âThe performance of U.S. stocks in 2022 was all about a painful valuation de-rating, but the equity story for 2023 will be about the lack of corporate earnings growth,â the team at Goldman Sachs said. âPut simply, zero earnings growth will drive zero appreciation in the stock market.â Meanwhile, Morgan Stanley warned in its own forecast that the S&P 500 will âtread water,â with material swings along the way, to end 2023 around 3,900. 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