Coronavirus Update: A Shutdown in Shanghai is Coming, and Restrictions will be Tightened in Tokyo

Despite rumours that Shanghai city will likely be placed under lockdown, risk sentiment seems to be improving in Thursday's Asian market. Markets anticipate a new lockdown in China's financial centre as soon as Thursday when the city reports a sharp

July 07, 2022 - 12:11 PM 268 views

Coronavirus Update: A Shutdown in Shanghai is Coming, and Restrictions will be Tightened in Tokyo

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© Coronavirus Update: A Shutdown in Shanghai is Coming, and Restrictions will be Tightened in Tokyo

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Despite rumours that Shanghai city will likely be placed under lockdown, risk sentiment seems to be improving in Thursday's Asian market. Markets anticipate a new lockdown in China's financial centre as soon as Thursday when the city reports a sharp increase in new coronavirus infections.

The Shanghai Health Commission said that there were 11 imported and 32 domestically transmitted confirmed cases in the city.

Karaoke bars are no longer in business, while recently reopened cultural institutions like libraries are still open. On Friday, theatres are expected to reopen.

In the meantime, Tokyo, the capital of Japan, is reportedly considering steps to strengthen covid regulations, according to Fuji News Network (FNN). The governor of Tokyo stated that possible covid restrictions would be discussed.

The Market Reaction

Following recent volatility, markets are again stabilising, with S&P 500 futures up 0.11 percent on the day. The AUD/USD currency pair is rising beyond 0.6800 and has gained 0.58 percent today.

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