Guangzhou manufacturing hub is the latest Chinese city to face lockdowns as COVID cases rise

Guangzhou manufacturing hub is the latest Chinese city to face lockdowns as COVID cases rise

The Guangzhou manufacturing hub in southern China is the latest to suffer closures amid a surge in COVID-19 cases, as the government pushes ahead with a strict zero-COVID policy that has frustrated manufacturers. citizens.

The latest lockdowns have further disrupted global supply chains and dramatically slowed growth in the world’s second-largest economy, as the Associated Press reported.

Residents of districts encompassing nearly 5 million people have been ordered to stay home until at least Sunday, with one member of each family allowed to go out once a day to buy essential items, local authorities said on Thursday. Wednesday.

The order came after the densely populated city of 13 million reported more than 2,500 new cases over the previous 24 hours.

China has maintained its strict zero COVID policy despite a relatively low number of cases and no new deaths. The country’s borders remain largely closed, with internal travel and trade complicated by ever-changing quarantine regulations.

apple aaapl,
-2.01%
and iPhone maker Foxconn 2317,
+2.50%
said over the weekend that the restrictions are limiting production and will delay shipments of the high-end iPhone 14.

For more, read: All eyes on China as Apple and Foxconn describe zero COVID issues. Meanwhile, cases are rising again in the US.

In the US, known COVID cases are rising again for the first time in a few months. The daily average of new cases stood at 39,578 this Tuesday, according to a New York Times tracker5% more than two weeks ago.

As always, the increase in cases is not uniform across the country. Some states are seeing sharp spikes, led by Nevada, where cases are up 96% from two weeks ago. Tennessee ranks second with a 69% increase in cases, followed by Louisiana with a 68% increase in cases, New Mexico where they increased 62%, and Utah where they increased 61%.

Cases have increased by a double-digit percentage in 22 states.

The daily average of hospitalizations increased 3% to 27,713, while the daily average of deaths decreased 14% to 308.

Coronavirus update: MarketWatch’s daily roundup has been curating and reporting on all the latest developments every weekday since the coronavirus pandemic began.

Other news about COVID-19 that you should know:

• Novavax Inc. NVAX,
+0.97%
on Tuesday it revised its full-year sales outlook to the lower end of its expected range and reported a surprise quarterly loss, but sales from the COVID-19 vaccine maker were much better than expected. The company reported a net loss of $168.6 million, or $2.15 per share, compared to a loss of $322.4 million, or $4.31 per share, in the same quarter a year ago. Sales were $735 million, compared to $178.8 million in the prior year quarter. Analysts surveyed by FactSet had expected Novavax to earn $1.57 a share on revenue of $586 million.

• An advisory committee to the Food and Drug Administration said this week that VERU from Veru Inc.,
+3.95%
Treatment of COVID Sabizabulin demonstrated a clear clinical benefit with a favorable benefit-risk profile. Veru is seeking emergency use authorization for the treatment of hospitalized COVID-19 patients at high risk for acute respiratory distress syndrome.

• A Massachusetts man who admitted lying on his application for federal coronavirus business stimulus funds and using part of the $400,000 he received to pay off his mortgage has been sentenced to 15 months in prison, federal prosecutors said, as the AP reported. In addition to time behind bars, Adley Bernadin, 44, of Stoughton, was sentenced last week to three years of supervised release and ordered to seize more than $280,000, according to a statement from the US attorney’s office.

This is what the numbers say:

The global tally of confirmed COVID-19 cases topped 633.5 million on Monday, while the death toll topped 6.60 million. according to data aggregated by Johns Hopkins University.

The United States leads the world with 97.8 million cases and 1,072,943 deaths.

the Centers for Disease Control and Prevention Tracker shows that 227.3 million people living in the US, which is equivalent to 68.5% of the total population, are fully vaccinated, meaning they have received their primary vaccinations.

So far, only 26.3 million Americans have received the updated COVID booster that targets the original virus and omicron variants, which is equal to 8.4% of the general population.

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