Lack of information, misinformation, and disinformation all coming out of China official media on the situation in Shanghai, which is recording the worst coronavirus outbreak since the pandemic began. With no end in sight.
Case numbers are rocketing higher. Of course, these are probably understated.
26m Shangahi reisdents are being ‘mass tested’.
Some snippets from various reports (from media not approved by China’s state):
- “The port of Shanghai is still operating, though at considerably lower productivity. Lack of dockworkers, due to restrictions, are impacting loading and unloading. Additionally, limitations and delays on trucking do affect container availability. In an effort to get around the disruptions, shippers are shifting their cargo to nearby ports such as Ningbo and ocean carriers are omitting Shanghai calls,”
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“This is bad news for carriers as it chokes off the supply of goods and forcibly reduces demand for their services,”
Analysts at Nomura are forecasting additional shipping delays and say:
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“Markets so far have underestimated the severity of the situation in China”
This article was originally published by Forexlive.com. Read the original article here.