Chinese city of Zhengzhou imposes new COVID-19 movement curbs from 4 to 10 May

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The ‚zero COVID‘ policy continues in China. We’ll see how much more they can tolerate this but as mentioned earlier in the week:“At this point, one has to wonder if China will ever draw the line on the economic costs of its current ‚zero COVID‘ policy. But considering its sense of pride and ego, it may not be until when the infection becomes much more endemic to the global audience. Otherwise, it would look as though that Xi’s strategy has failed and that is something which he surely will not allow.For markets, that just means more disruptions to supply chains in general and the reverberations of higher costs and inflation in terms of raw materials and shipping will continue to play out for a more prolonged period.“

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