Coronavirus Update: Asia under attack once again, Shanghai locks down

Dhwani Mehta FXStreet

Concerns surrounding the coronavirus in Asia are mounting, as China faces the worst covid outbreak since Wuhan.

China reports 1,275 new coronavirus cases on March 27 vs. 1,254 a day earlier. The influx of imported cases from Hong Kong has hit the mainland, with Shanghai announcing to close half the city at a time in four-day turns while conducting mass tests.

The financial hub overtook the northeastern province of Jilin, reporting 2,676 new infections, a jump of 18% from a day earlier, per official data.

Shanghai Health Official said: “Latest citywide COVID-19 testing is aimed at completely eliminating potential hidden risks and clearing all cases as soon as possible.”

US automaker Tesla is suspending production at its Shanghai factory for four days.

The Shanghai stock exchange will provide online services for IPO approval meetings, consultation and roadshows during the city-wide lockdown.

Meanwhile, Bloomberg reported that Taiwan added 83 local cases Sunday. The number of confirmed local cases surged to the highest since June last year.

The countries in the Eastern Pacific like South Korea, Vietnam, Singapore, and Australia have seen a surge in cases this month as well.

Market reaction

Risk aversion remains in full swing in Asia, as the regional indices tumble 1% to 1.50% while the S&P 500 futures lose 0.34% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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