Shanghai is locking down over 10 million people at a time. Why that's a big deal
London (CNN Business)Many countries around the world have decided to live with the coronavirus, even as a new subvariant fuels another wave of infections. But China is an extremely important exception.
What's happening: China continues to deploy "snap" lockdowns as it tries to eliminate transmission of Covid-19 within its borders. The policy is hanging over the outlook for the global economy and financial markets, presenting more unknowns as investors scramble to assess the impacts of the war in Ukraine and surging inflation.
Starting Monday, around 11 million residents in the eastern half of Shanghai will be banned from going out for four days as mass testing kicks off. The staggered lockdown will then move to the other half of the city, which has about 14 million residents, beginning Friday.
Market reaction: The announcement sent global crude prices down sharply, as traders bet that the restrictions would reduce demand from a top consumer. China imports about 11 million barrels of oil per day.
http://www.cnn.com/2022/03/28/investing/premarket-stocks-trading/index.html
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