Good news for the people of Chengdu, the city will resume normal life starting today. Its citywide lockdown has lifted. Dalian, too, exits its lockdown today.
For markets, oil is a proxy for the China-COVID trade. reopenings should boost demand for oil and hence be a tailwind at the margin.
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Amidst the good news is this awful tragedy in China over the weekend:
- A bus transferring dozens of people to a Covid-19 quarantine facility in China’s southwestern province of Guizhou overturned in a ravine early Sunday morning, killing 27 and injuring 20
- Local authorities have been facing pressure to achieve the goal of “zero Covid.” The Guiyang Evening Paper said Saturday that the city had prepared 20 buses and 40 bus drivers to transport close contacts of Covid patients to other cities.
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Chengdu, China:
