FT News Briefing China’s middle class dreams of leaving
Jul 1, 2022
Frustration with China's zero-Covid policy is driving many in the middle class to seek greener pastures abroad. Wall Street faced a staggering $9 trillion loss in early 2022, marking a historic slump. Meanwhile, rising interest rates have significantly impacted stock performance, raising concerns for central bankers. The ongoing lockdowns are taking a toll on daily life and reshaping perceptions of government accountability, fueling a desire for emigration among those feeling trapped.
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Supreme Court EPA Ruling
- The Supreme Court limited the EPA's power to regulate greenhouse gas emissions from power plants.
- This decision hinders President Biden's climate change agenda and was supported by Republican states and the coal industry.
US Stock Market Decline
- US stocks have lost about $9 trillion in value this year.
- This massive drop is attributed to rising interest rates and worries about global growth.
S&P 500 Performance
- The S&P 500 experienced its worst first half since 1970, down 20%.
- Rising interest rates significantly impact company valuations, especially those relying on future earnings.