FT News Briefing Shanghai lockdown forces bankers to camp in offices
Apr 6, 2022
Traders react to the potential for stronger sanctions against Russia, causing a sell-off in government debt. Meanwhile, President Biden announces a partnership with the UK and Australia for hypersonic weapons development. In Shanghai, public frustration grows over strict zero-COVID lockdowns, leading to profound impacts on daily life and the economy. Delivery challenges and emotional distress during the lockdown reveal the severe toll on residents, with essential workers navigating overwhelming difficulties amidst a strained healthcare system.
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Government Bond Sell-Off
- U.S. and European government bonds sold off due to multiple factors, including rising yields and tougher sanctions against Russia.
- These factors contribute to concerns about inflation and market instability.
Hypersonic Weapons Collaboration
- China's successful hypersonic missile test prompted the U.S. to cooperate with the U.K. and Australia on hypersonic weapons development.
- This collaboration aims to counter China's advancements and address the U.S.'s disadvantage in projecting power in the Indo-Pacific region.
Shanghai Lockdown Hardships
- Shanghai residents struggle to access food due to the strict lockdown, relying on volunteers for delivery.
- Bankers live in their offices to maintain operations but face challenges in client interaction due to the lockdown's restrictions.