American Eagle Shares Drop 13% on Weak Holiday Forecast
Shares of American Eagle Outfitters Inc. declined significantly by over 13% following the company’s release of weaker-than-expected …
May 18, 2022: On Tuesday, Shanghai achieved the long-awaited milestone of three consecutive days with no new Covid-19 cases outside quarantine zones. Still, many residents will have to endure confinement for a while longer before returning to even more normal life.
For different cities in China that have been under lockdown, the third day with no recent cases in the community usually means “zero Covid” status and the starting of the lifting of restrictions.
On Monday, the commercial hub of 25 million set out its most clear timetable yet for exiting a lockdown in its seventh week. Still, many residents who have seen isolation for an extended time met the plan with skepticism.
Shanghai is planning to resume outdoor activities in stages, with some convenience stores and pharmacies reopening, but with most restrictions on movement remaining in place until May 21, public transport and other services will gradually resume.
The lockdown should be lifted by June, but residents will still be asked to get tested frequently.
More people are allowed out of their homes this week, with some joggers, and dog walkers spotted. One man is seeing fishing in the Shanghai river.
But tall fences remained around residential compounds, and there were almost no private cars on the streets, with people still confined to their homes.
It was unclear how many shops reopened this week, but delivery apps indicated a slightly lower demand for their services on Tuesday.
A social media account managed by the Communist Party’s official People’s On Monday; Daily newspaper posted photographs that showed breakfast joints, restaurants, and hairdressers opening up.
But one social media user described the post as “nonsense.” By Tuesday, the post had been deleted.
A video posted by one more state-backed media outlet announced the reopening of an Alibaba Freshippo grocery store, which shows about ten staff members in hazmat suits making heart shapes with their hands, but only two people looked like shoppers.
A sign on the shop’s door showed customers had to show a negative Covid test, a pass leading they are allowed out of home, and an up-to-date mobile phone health app to go in.
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