Update on the Coronavirus: Shanghai authorities have allowed several financial firms to continue operations

Reuters reports that on Wednesday, Shanghai city authorities released a new white list that consists of 864 financial organisations that are allowed to start work.

May 18, 2022 - 01:08 PM 248 views

Update on the Coronavirus: Shanghai authorities have allowed several financial firms to continue operations

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© Update on the Coronavirus: Shanghai authorities have allowed several financial firms to continue operations

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Reuters reports that on Wednesday, Shanghai city authorities released a new white list that consists of 864 financial organisations that are allowed to start work.

Although this report has not been confirmed by the Shanghai government, there are some positive movements which could be a part of the China’s financial government's plan to restart widely after the lockdown period for two months.

In the meantime, the Shanghai government has reported a tiny increase in cases to 855 on Tuesday from 823 on Monday, and no traces of infections were found on the outside of the government’s quarantine for the fourth day.

In addition to this, Beijing reported 69 COVID cases on Tuesday, a slight increase from 52 on Monday. And, as per Bloomberg reports, "Tianjin, close to China’s capital city, where a COVID outbreak in January disrupted global automakers—Toyota Motor Corp. and Volkswagen AG—and saw a hike to 55 COVID cases on Tuesday, whereas on Monday, the COVID cases were reported as 28."

Country wide, the COVID case count rose for the first time in five days.

The Market Reaction

Due to deteriorating risk sentiment, the Australian dollar is currently trading at 0.7000, down 0.41 percent on the day.

The S&P 500 futures have broken their uptrend and are now down 0.27 percent for the day.

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