Rumors of change in Covid policies; Lockdowns; Two Establishes 两个确立 vs. Two Upholds 两个维护
Summary of today’s Essential Eight:
Covid loosening rumor pops stocks - Stocks popped on a rumor that a new committee has been set up to figure out how to loosen Covid controls by next March. The rumor has not been confirmed, and while logically it makes sense as they have to figure out a way to reduce some of the excesses before people really start to lose it and the economy craters, investors seem to have gotten a bit overexcited.
Covid - Official data show cases surging in Guangzhou, as some form of lockdowns continue in many places throughout the country. The official data show total deaths from Covid since the pandemic started of 5226, a figure that has not changed in months.
Real estate woes - October property sales for top developers dropped 28% year over year. October, with the weeklong holiday starting October 1, was a big property sales month back in the before times. Developers have a lot of debt coming due and without more supportive policies from the government, which I do …