China's manufacturing activity shrank into contracting to a 7-month low, stung by zero-covid policy and rising infections. Asian markets rallied as traders welcomed easing restrictions in the wake of rare protests across the country.
Key Forex pairs across Asia have been experiencing ups and downs in recent days due to China’s resistance to ending COVID-19 containment measures.
Yesterday, Moderna announced a partnership in the development of a new cancer vaccine, while Pfizer got FDA approval to provide its booster shot to children, giving the share prices of both a bump.
Yesterday, Moderna along with other biotech companies descended. Biden’s COVID remarks coupled with inflation and interest rates could account for these lows.
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