A fresh breath… Zero Covid is becoming a little less zero. Last week, China started loosening strict Covid rules that had kept the country in alternating states of lockdown for nearly three years. The decision followed rare public protests and economic turmoil (think: shuttered businesses, slowing growth, and disruptions to Foxconn's key iPhone-assembling factories). Now China’s scrapped most testing and quarantine requirements. But its socially distant policies may’ve contributed to low immunity, and experts fear outbreaks could surge again.
Fillin’ up the tank… all the way to the top. Last week, crude-oil prices hit their lowest level of the year as global demand slipped. Despite OPEC production cuts in October and Europe’s Russian-oil ban, investors have been skeptical about buying the energy dip with recession fears looming. Meanwhile, natural-gas prices are down more than 35% since August, as warmer winter weather and inflated utility bills keep people from cranking the heat. Still, if OPEC keeps extending output cuts (or China demand rebounds), it could drive prices higher down the road.