Coronavirus Update: China’s new infections top 1000, more restrictions looming

More restrictive measures are on the table, as China reports more than 1000 new coronavirus cases for the first time since May 20.

The country recorded 1,012 new coronavirus cases for July 19, of which 150 were symptomatic and 862 were asymptomatic, according to the National Health Commission (NHC).

China's capital Beijing reported one new local symptomatic case. Shanghai reported five new local symptomatic cases.

Amidst rising covid count, the angst against the authorities also grew after it was reported that 84 homes in an apartment complex in Guangzhou city’s Liwan district had been opened in an effort to find any “close contacts” hiding inside and to disinfect the premises.

However, authorities in southern China have apologized for breaking into the homes of people who had been taken to a quarantined hotel. Those affected by the break-ins have been told that they will be compensated for the damage.

China maintains a strict zero-Covid policy despite its mounting economic costs. If the cases continue to rise at this pace, fresh lockdowns in Beijing and Shanghai won't come as a surprise.

Market reaction

Markets seem to ignore the concerning Chinese covid news, as worries over an imminent recession fade, with investors believing that the worst may be over for global stocks. The S&P 500 futures were last seen trading up 0.38% on the day while the US dollar index sheds 0.07% to trade around 106.60.