China Covid-19 cases hit record high as Beijing postpones ‘reopening’ November 24, 2022 Daily Covid-19 cases in China have hit a record high, cementing a fresh wave of concern that the country will not ‘open up’ after all. Wednesday saw 31,527 cases recorded compared with an April peak of 28,000. The figures are relatively small for the country of 1.4bn people. Beijing’s controversial ‘zero-Covid’ policies were hoped to [...]
Fears of tougher restrictions sweep China after first Covid death in months November 21, 2022 Fears of tougher restrictions have reignited across China today, after the country recorded its first Covid-19 death in six months. On Sunday, an 87-year-old man in Beijing died as infections across the country spike. Beijing has in recent days moved to confine some residents to their homes and ordered others to quarantine centres. Markets fell [...]
Tencent vows to ‘distribute’ $20.3bn Meituan shares to investors November 16, 2022 Tencent has vowed to give its shareholders $20.3bn (£17.4bn) worth of shares in Chinese food delivery firm Meituan as it seeks to reduce its holdings in China’s tech sector. The Shenzhen conglomerate’s “special dividend” comes as its sales dropped two per cent year-on-year, to £16.6bn, on the back of a five per cent drop in [...]
Airbus chief: A China-West economic divorce remains unlikely November 14, 2022 The economic relationship between China and the West will never be truly over, Airbus’s chief executive Guillaume Faury has said. According to the chief executive, despite current economic and political tensions, the two blocks are too intertwined to sever all ties, as this would lead to a global economic collapse. “I think a breakup of [...]
Sigh of relief in global markets as China finally relaxes some Covid rules November 11, 2022 With all the bad news that has dominated the airwaves in recent months it was very welcome to see that US CPI rose significantly less than expected in October to its lowest level since January, prompting a huge relief rally in stocks, bonds as well as a sharp selloff in the US dollar. The rally [...]
China trade slumps for first time since May 2020 on zero-Covid rules November 7, 2022 A combination of strict Covid-19 containment measures hobbling factories and a global economic slowdown have kneecapped China’s trade position, official figures out today revealed. Beijing’s commitment to blanket lockdowns to stop the spread of the virus has disrupted production, forcing down factory output and leaving Chinese exporters with fewer goods to ship abroad. The world’s [...]
Nervous markets scratch their heads over lockdown pain due to confusing China Covid policy November 7, 2022 Despite a big relief rally at the back end of last week, US markets still couldn’t reverse the losses of the previous three days, closing lower for the first time in three weeks, although for European markets it was a somewhat different story. The DAX finished higher for the fifth week in succession, posting its [...]
China doubles-down on zero-Covid policy November 5, 2022 China is set to continue with its current approach to tackling Covid-19, Chinese government officials said on Saturday. China will persevere with its “dynamic-clearing” approach to tackling Covid, officials from the China National Health Commission told a news conference today. The statements follow claims made by a former Chinese disease control official, at a conference [...]
Canada Goose and Estee Lauder gloomy forecasts amid Covid curbs in China November 2, 2022 Coat maker Canada Goose and make-up seller Estee Lauder both issued stark sales warnings yesterday due to Covid curbs in China. It comes as Chinese authorities have set out a seven-day lockdown in Zhengzhou, impacting the world’s largest iPhone factory. Canada Goose said yesterday that it was slashing its full-year revenue forecast due to pandemic-linked [...]
China boosts Russian oil supplies despite Zero Covid slowdown October 24, 2022 China's has ramped up its oil imports from Russia 22 per cent year-on-year, despite a drop in consumption due to its lockdown measures.