Coronavirus Update: China to stick with 'zero' covid policy, as Shanghai cases rise

China's highly influential media outlet, Global Times, reports the country’s National Health Commission, citing that it will not depart from the covid zero policy.

“Practice of dynamic zero-COVID strategy over the past two years has proved effective, has been China’s “secret weapon” to prevent and control the epidemic, and also the best choice and bottom-line that we must guard: health authorities,” the Commission said.

Additional takeaways

These comments come as Shanghai reported its first rise in covid infections in six days, threatening the reopening optimism amidst the stringent lockdown measures.

The financial hub reported 9,970 infections and 52 deaths for Thursday, slightly up from 9,764 cases on Wednesday, per Bloomberg.

Meanwhile, Beijing reported 49 cases for Thursday vs. Wednesday’s 50, suggesting a mass-testing drive in the capital is yet to find signs of a wider outbreak. 

Market reaction

Risk sentiment remains tepid amid closed markets in Japan while disappointing earnings for Amazon and Apple stocks have raised concerns about technology stocks. The S&P 500 futures are down 0.45% on the day.