Lockdowns have arrived in China's Capital City.
Reuters are reporting that China's capital Beijing on Monday ordered residents in one area of the COVID-affected district of Chaoyang not to leave the area and not to leave their local compounds for non-essential reasons, state television reported.
The increased restrictions of movement in the area as outlined by local authorities, roughly 1,400 by 1,000 metres in size, came as Chaoyang kicked off three rounds of COVID-19 testing after dozens of cases were reported.
Many will have been expecting this, given the pictures coming out of various Chinese cities over the weekend of residential complexes being fenced in. Plus news that emergency Covid testing was being planned.
On a day light of data and Fed officials being in their comms blackout period ahead of the May FOMC meeting, more eyes will be following the Chinese Covid situation, and this news will certainly dampen sentiment.
Crude prices are already feeling it, with WTI down 3% in early trade.
