Coronavirus Update: China’s cases jump, Shanghai widens testing Coronavirus China SP500 RiskAversion
China’s zero-Covid policy has done little to contain the covid flare-ups across the nation, with millions back under lockdown. The world’s second-largest economy reported 699 cases for Monday, the highest daily tally since May 22, having reported over 1,000 infections over the weekend.
Although the situation appears less dire in the country’s financial hub, Shanghai, the authorities have widened the mass testing in 12 of the city’s 16 districts that are home to around 20 million people. Shanghai reported 23 cases on Monday vs. Sunday’s 17.Investors remain on a cautious footing so far this Tuesday’s Asian trading, despite the uptick in the S&P 500 futures. Growing China covid concerns coupled with persistent economic slowdown worries continue to sap the market’s confidence.
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