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A fresh rise in COVID-19 cases in Shanghai has propelled apprehensions of another lockdown in the Chinese city. Officials launched another mass testing drive as the city recorded over 120 virus cases during the weekend. New infections surfaced in other parts of the country as well, including Beijing. The development hit Asian markets, with oil prices falling.
It sparked a sell-off in Hong Kong and Shanghai, and losses were also reported in Manila, Taipei, , Jakarta, Wellington, Sydney and Seoul, a global newswire reported.
A fresh rise in COVID-19 cases in Shanghai has propelled apprehensions of another lockdown in the Chinese city. Officials launched another mass testing drive as the city recorded over 120 virus cases during the weekend. New infections surfaced in other parts of the country as well, including Beijing. The development hit Asian markets, with oil prices falling
However, Japan was an exception. Gains were reported from Tokyo as the country’s ruling bloc secured a strong win in Sunday’s upper house election.
Chinese businessmen are keenly monitoring developments on the US front as President Joe Biden weighs removing some of the Donald Trump-era tariffs on Chinese goods worth hundreds of billions of dollars.
Fibre2Fashion News Desk (DS)
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