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China protests erupt over Covid Zero, US jobs are expected to slow and stagflation is the big economic risk in 2023.

Chinese stocks and the yuan dropped Monday as protests erupted against China’s Covid Zero strategy. The historic unrest, one of the most significant challenges to Communist Party rule since the Tiananmen crisis more than 30 years ago, has sparked uncertainty by complicating the nation’s path to reopening. The turmoil is also hurting companies, with disruption at Apple’s key manufacturing hub of Zhengzhou likely to result in a production shortfall of close to 6 million iPhone Pro units this year, according to a person familiar with assembly operations. Goldman Sachs says China may end Covid Zero earlier than expected.