Guangzhou Covid-19: China locks down key transportation hub; markets concern financial fallout

Guangzhou Covid-19: China locks down key transportation hub; markets fear economic fallout


Hong Kong
CNN Business
 — 

China has locked down a major transportation hub in the south, as the country grapples with its largest nationwide Covid outbreak since April.

The lockdown also follows rising cases in Beijing, which reported the country’s first Covid deaths in nearly six months.

In recent days, China had begun to ease its harsh Covid restrictions, which had crippled local and international businesses for months. But, experts are worried that Beijing’s resolve to reopen the country may weaken now as cases rise once again.

Asian markets and oil prices slid on Monday as investors fretted about the prospect of China re-tightening Covid rules. The Hang Seng

(HSI) Index slid as much as 3.4% in the morning. It closed down 1.9%. Mainland China’s Shanghai Composite Index lost 0.4%.

Oil prices also fell, with US crude futures…