China's latest COVID outbreak spooks investors, while U.S. cases and hospitalizations are rising again

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China's latest COVID outbreak spooks investors, while U.S. cases and hospitalizations are rising again
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A fresh outbreak of COVID-19 cases in Beijing was dominating headlines on the pandemic. Beijing started to test millions and shut down residential and business districts after 47 cases were found since Friday.

A fresh outbreak of COVID-19 cases in Chinese capital Beijing was dominating headlines on the pandemic on Monday as health officials reacted with extreme measures to prevent further spread.

Shanghai, which has been locked down for more than two weeks, reported more than 19,000 new infections and 51 deaths in the latest 24-hour period, pushing its death toll from the ongoing outbreak to more than 100. “China’s economy had been growing, but lockdowns are weakening that economy and raising global concerns. China plays a huge part in the global supply chain, so closing factories and ports has created a shortage mentality that is front and center in the financial markets right now,” he said.

Hospitalizations, which had also been steadily declining, are also ticking up. The country is averaging 15,642 hospitalizations a day, up 4% from two weeks ago, but still close to the lowest since the first weeks of the pandemic. The momentum has stalled as U.S. COVID funding has dried up, with only a handful of the world’s poorest countries, including Bangladesh, Bhutan, Cambodia and Nepal, reaching the 70% threshold.

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