Chinese Stocks, Yuan, Commodities Crash As Covid Plunges Country Into "Darkest Moment In Decades"
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
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ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
Fears about the economic toll of China’s strict “zero COVID-19” policy intensified yesterday, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling. The benchmark CSI 300 Index closed nearly 5 percent down to the lowest since April 2020, wiping out gains from a sweeping pledge by officials last month to support the economy. The onshore yuan slumped to its weakest level in 17 months on concerns about rising capital outflows and oil sank below US$100 on worries over Chinese demand. A COVID-19 flare-up that shut down much of Shanghai appeared to wo...
(Bloomberg) -- Tesla Inc. is calling back its workers in Shanghai to prepare for the initial resumption of production as soon as next week, after a weeks-long suspension because of the city’s strict lockdown to contain the Covid outbreak, people familiar with the matter said.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
Rather than rushing orders out last-minute to hit end of quarter sales goals, Tesla CEO Elon Musk wants employees to focus on slashing cost of deliveries.