China: Beijing raises COVID-19 emergency response level

Eren Sengezer FXStreet

Beijing's city government announced on Tuesday that they will be shutting down kindergartens, primary and high schools from Wednesday, Reuters reported, citing the state media.

Additional takeaways

"University students will not be allowed to return to their school in Beijing from June 17th."

"Beijing city government raises COVID-19 emergency response level to II from III."

"Beijing advises people not to leave Beijing unless necessary."

"People leaving the capital should have a nucleic testing result."

"Will not ask companies or factories to stop work but will encourage work from home."

"People in high-risk areas will not be allowed to leave their residential compound."

Market reaction

The market mood seems to have soured following these announcements. As of writing, the S&P 500, which gained nearly 3% in the early trade, was last up 0.9% on the day at 3,094 points.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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