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China places millions in lockdown, dealing new blow to economy – Al Jazeera English

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Hebei province and tech hub Shenzhen among the districts hit with new COVID restrictions.

China has placed millions of people under lockdown, dealing a new blow to the economy as it struggles to rebound from nearly three years of harsh “zero COVID” policies.

In Hebei, the province surrounding the capital, Beijing, authorities on Tuesday ordered almost four million people to stay at home until the end of the week as officials scrambled to bring a minor flare-up of COVID-19 under control.

In the southern tech hub of Shenzhen, officials suspended large events and ordered the closure of entertainment venues and wholesale markets in the Longhua district, following the announcement of similar measures a day earlier in three other districts.

Shenzhen’s latest measures, which include closing the world’s largest wholesale electronics market, bring nearly half of the city’s 18 million residents under tightened COVID curbs.

In Dalian, a major port in northeastern China known for soybeans and iron ore, some three million residents were placed under lockdown until at least Sunday.

In Tianjin, a port city in China’s northeast, authorities announced that more than 13 million residents would have to undergo mass testing from 6am following the discovery of 51 COVID cases.

China has doubled down on a zero-tolerance policy aimed at stamping out COVID-19 at almost any cost, even as the rest of the world learns to live with the virus.

Beijing’s doubling down on the controversial strategy comes as the ruling Communist Party gears up for a key meeting later this year at which Chinese President Xi Jinping is expected to secure an unprecedented third term in power.

China’s economy barely avoided contraction during the April-June quarter as lockdowns and border controls pummelled economic activity, with gross domestic product (GDP) expanding just 0.4 percent year on year.

“Markets could once again be hit in the next couple of weeks, likely triggering another round of cuts by economists on the street,” Nomura said in a note on Tuesday, highlighting the significance of new curbs in cities such as Shenzhen.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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September 13, 2024

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

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September 13, 2024

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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September 12, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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