For a crash is what it is. OMICRON is eluding China with 35% of the economy now impacted. Goldman:
Some areas are better than others. BofA:
The good news is that Shenzhen and Dongguan opened up after 7 and 5 days of lockdowns, much sooner than we had expected (14 days). Also, there is no sign that the virus infections spiraled up within these cities, or spread to many more adjacent cities. In our view, the impact on manufacturing activities will likely be manageable, especially if such lockdowns are short and sporadic, although the damage on services may be more long lasting.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
