- The Bans are Lifted in England.
- Investors Fear a Covid Revival, Sending the Dow down 700 points.
- China is Being Accused of Cyber-Attacks by the Biden Administration.
The Bans are Lifted in England
The quarantine rules were eased after the UK’s success in fighting the Covid-19 outbreak. After 97 days, shops, barbershops, gyms, and libraries were reopened as part of the lifting of the “national quarantine” restrictions that have been in place since January 5.
Normalization began the other day, according to the four-stage timetable outlined by the UK government for the removal of Covid-19 restrictions.
Businesses providing essential necessities will reopen after the second step of normalization, according to reports. Barbers, shops, and libraries will reopen in the second phase, while restaurants and bars will be permitted to serve clients in their open spaces. Gyms and indoor pools, as well as zoos, community centers, and outdoor entertainment venues, will open.
Internal travel will resume, and members of the same household will be able to travel together. Wedding and engagement ceremonies will be limited to 15 people, while burial ceremonies will be limited to 30 persons, as part of the relaxation of limitations.
Customers will not be permitted to be served in the interiors of restaurants and bars.
Investors Fear a Covid Revival, Sending the Dow down 700 points
On Monday, U.S. markets plummeted on fears that a comeback in Covid cases would stifle global economic growth. As the session progressed, the selling became more intense, and the Dow Jones Industrial Average recorded its worst day since October.
In a broad-based collapse that pushed all 30 members lower, the Dow fell 725.81 points, or 2.1 percent, to 33,962.04. The Dow was down 946 points at one point during the session before recovering some ground as the session came to a close.
The S&P 500 index dropped 1.6 percent to 4,258.49. The worst-performing sectors were energy, financials, and industrials.
The Nasdaq Composite, which is dominated by technology, fell 1.1 percent to 14,274.98, its fifth straight day of losses and its worst losing streak since October.
The 10-year Treasury yield fell to 1.17 percent, a five-month low, compounding concerns about the economy’s weakening. On an intraday basis, the small-cap Russell 2000 fell 1.5 percent, momentarily dipping into correction territory, and is now down more than 10% from its March high.
On Monday, Allianz chief economic advisor Mohamed El-Erian told CNBC’s “Squawk Box” that “you have two concerns coming together… concerns about market technicals and concerns about growth.” “That’s what all the asset classes are telling you.”
This month has seen a resurgence of Covid infections in the United States, with the delta strain spreading among the unvaccinated. According to CDC data, the United States has averaged about 26,000 new cases per day in the seven days leading up to Sunday, up from a seven-day average of around 11,000 cases per day a month earlier. Because of the delta variation, cases were already exploding all over the world.
During the widespread market sell-off, the CBOE Volatility Index spiked to 25, its highest level since May. The so-called fear gauge tracks the level of dread on Wall Street by looking at the prices of options on the S&P 500.
China is Being Accused of Cyber-Attacks by the Biden Administration
China was accused by the Biden administration on Monday of hacking the Microsoft Exchange email system and being behind the cyberattack that damaged thousands of machines around the world earlier this year.
The Biden administration and its allies blamed Beijing for a slew of other cyber-threats, including ransomware attacks that demanded millions of dollars from businesses targeted by government-linked hackers.
China’s Ministry of State Security is exploiting hackers involved in cyber blackmail and theft activities for its own profit, according to a senior administration official who spoke to the Associated Press news agency. The official, who did not want to be identified, gave reporters an update on the probe.
Meanwhile, the US Department of Justice filed indictments against four Chinese nationals on Monday, alleging that they collaborated with China’s Ministry of State Security to hack dozens of computers, including those belonging to businesses, colleges, and government institutions.
The statements drew attention to the cyber threats faced by Chinese government-commissioned cyber hackers. Russian-backed hackers have also been launching ransom attempts on vital infrastructure systems in the United States, including massive oil pipelines.
China has not yet been sanctioned as a result of these allegations. However, the person, who spoke to reporters about the matter, said that the US had discussed the issue with Chinese officials and that the international “strategy of shame” sends a strong message.