HONG KONG-In recent years, shares in Chinese companies selling everyday goods like milk, beer and rice crackers have been a safer bet than new-economy businesses such as online platforms and electric-car makers.

That advantage has faded so far in 2022, as surging commodity prices-triggered by the war in Ukraine-threaten to eat into profits of consumer-product makers, and fresh Covid-19 lockdowns in the world's second-largest economy have dented demand for some goods.


Fed's Harker Worried About High Inflation, Open to Big Rate Increases

Federal Reserve Bank of Philadelphia President Patrick Harker said Tuesday unacceptable levels of inflation call for an aggressive path of interest rate rises to remedy surging price pressures.

"Inflation is running far too high, and I am acutely concerned about this," Mr. Harker said in a speech in New York. "The bottom line is that generous fiscal policies, supply-chain disruptions and accommodative monetary policy have pushed inflation far higher than I-and my colleagues on the FOMC-are comfortable with," he said.


Four Million Refugees Have Now Fled Ukraine, Says U.N.

More than four million people have fled the war in Ukraine, the United Nations said Wednesday, exceeding the number of refugees the organization predicted for the entire war in just under five weeks.

The exodus was already the largest movement of people in Europe since World War II and the U.N. refugee agency had previously estimated four million people could be driven from the country as a result of Russia's invasion.


U.K.'s Top Court Withdraws Judges Presiding in Hong Kong, Citing Loss of Freedoms in City

HONG KONG-Two top U.K. judges serving on Hong Kong's highest court have resigned, citing damage to freedoms in the city following Beijing's imposition of a national security law in June 2020.

Lord Robert Reed, the head of the U.K.'s Supreme Court, said Wednesday that he and another judge could no longer serve in Hong Kong's courts "without appearing to endorse an administration which has departed from values of political freedom and freedom of expression."


Biden's Global Quest for Oil Triggers Political Pushback

WASHINGTON-President Biden's global quest for more oil is meeting resistance from across the political spectrum.

Republicans have criticized him for scolding the U.S. oil industry and pushing for alternative-energy sources even as Russia's invasion of Ukraine has underscored the world's dependence on fossil fuels.


Write to sarka.halas@wsj.com

Write to us at newsletters@dowjones.com

We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.

This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

03-30-22 0643ET