Coronavirus Update: Shanghai looks to fully resume normal life

Having witnessed a sustained fall in the covid numbers, Shanghai City Officials are ready to remove the virus-led activity restrictions, announced to take place on June 01. While conveying the news, the official mentioned, “City moving into normalized epidemic control phase, looks to fully resume normal life.”

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It’s worth noting that COVID-19 numbers from Mainland China have been mixed of late as the virus-led deaths remain at zero but new local and confirmed cases have increased of late. “Mainland China reported 174 new coronavirus cases on May 30, of which 50 were symptomatic and 124 were asymptomatic, the National Health Commission said on Tuesday.  That compares with 184 new cases a day earlier, made up of 34 symptomatic and 150 asymptomatic infections, which China counts separately,” said Reuters.

Market reaction

The news helps to keep the markets positive, despite the latest US dollar rebound. While portraying the mood, the S&P 500 Futures rise 0.20% intraday whereas the US 10-year Treasury yields rise nine basis points (bps) to 2.83% at the latest.

Also read: USD/CNH traces downbeat China data, USD rebound above 6.6800