JSE loses more than 3%, rand slides amid growing concern about China.

Stock markets and oil prices fell on Monday as concerns grew that Chinese lockdowns designed at combating a spreading Covid epidemic could wreak havoc on a global economy already beset by decades-high inflation.

On Monday, the JSE's All-Share Index fell 3.5 percent, with Anglo (-7.5%), Sibanye (-6.5%), and Sasol (-6%) among the worst losers.

Last week's sell-off was sparked by Federal Reserve Chairman Jerome Powell's comments that the US central bank would raise interest rates by half a percentage point next month and maybe multiple times this year.

This has bolstered the dollar, which also benefits from its historic safe-haven position. On Monday, the rand fell more than 2% and was trading at R15.70/$, its lowest level since January of this year.

Oil prices denominated in dollars fell more than 5% on Monday.

Shanghai topped the losses among the world's major stock markets, closing down more than 5%.

Though losses were less severe on Wall Street than in Europe and Asia, the tech-heavy Nasdaq Composite Index did momentarily register gains as Twitter shares rose in response to rumours that the firm may shortly accept Elon Musk's acquisition offer.

In Europe, Paris fell 2.0% after French President Emmanuel Macron was re-elected on Sunday, defeating rival Marine Le Pen in a race that saw the far right come dangerously close to gaining power.

Macron now confronts the task of bringing a bitterly divided country together, with parliamentary elections looming in which he could lose control of parliament.

The euro and yuan fell versus the dollar, while sterling fell 1% to $1.2705, a 19-month low.

"Selling is broad across global markets and asset classes, implying that we could be on the verge of a much larger move lower," said IG market analyst Chris Beauchamp.

"The potential of increased limitations in China might lead to a poisonous mix of further inflationary pressure, as supply chains in the so-called 'factory of the world' are disrupted, and poorer economic development," warned AJ Bell investment director Russ Mould.

Despite weeks of stringent containment measures, Shanghai officials reported 51 deaths Monday, the greatest daily toll ever, while Beijing warned of a "grim" situation as infections spread.

Investors were already abandoning risk assets, fearful that Fed tightening might derail the nascent economic recovery and hurt businesses' bottom lines.

"Consumers are prioritizing where they spend their money as a result of the rise in energy and food prices," said Michael Hewson, chief market analyst at CMC Markets UK.

Oil prices fell on Monday as investors worried that China's increasing Covid epidemic might stifle demand.

"Because China is the world's second largest economy, the scenario has a significant impact on commodity markets," XTB analyst Walid Koudmani said.

Metals prices, as well as the stock prices of energy and mining businesses, fell on Monday.