Wealthy Chinese flee after Covid Zero. Short seller Hindenburg targets Adani. Predicting US recession gets trickier. Here’s what you need to know today.
China’s Lunar New Year travel and box office showed signs of recovery as people took advantage of a holiday free of strict restraints on movement following Beijing’s pivot away from its Covid Zero policy. Outbound air ticket bookings more than quadrupled year-on-year, and movie-ticket sales during the first four days of the holiday are ahead of 2019 pre-pandemic figures. Now that strict Covid rules are a thing of the past, wealthy Chinese in particular are racing to leave the country — with $150 billion in tow.