eunice yoon with the latest from beijing.hank you very much. >>> to the broader markets as we wait for the speech from jay powell into the inside policy pivots we use that word a lot today ahead of that, a tweet reply from elon musk just this morning urging the fed to pivot sooner rather than later, reading, quote, trend is concerning, referring to a possible recession, fed needs to cut interest rates immediately they are massively amplifying the possibility of a severe recession. joining me on the 411 is ben emons. this is very interesting elon musk carries a lot of sway in the business world and otherwise and even he is calling for the fed to cut interest rates is that the appropriate action, or do we still have to fight inflation more force fli >> good morn, dom. yeah, i think they're fight inflation camp there's a rise in inflation expectation rates. that's a concern and problem although elon musk is pointing to the effect it's having on the economy, the fed is still in the mode of, we've got to bring this rate up to a le

let's turn to eunice yoon who is joining us from beijing with latest there eunice, there is frustration now increasing with the lockdown measures maybe not too understandable at all? >> reporter: very understandable more and more buildings in lockdown not only here in beijing, but around the country. the country has now hit a fresh high of reported cases nearing 33,000 for the first time. this is higher than when we saw the brutal lockdown in shanghai in april officially, they are tolerating the numbers. the lockdowns have been fierce and consistent in the chinese iphone city of shrks zhengzhou has been in lockdown after the protests at the factory. the company foxconn has apologized for what it described as a technical error in worker pay which triggered the dispute. also the company offered $1,400 for departing recruits reports of 20,000 recruits decided to take that money and leave which really raises the question as to whether or not foxconn will meet internal goal to have that facility up and running by the end of the month. there have been reports that november output in the facil

to have you there to be our eyes and ears and explain a difficult story to understand and report eunice yoonijing those china lockdowns one of multiple headwinds facing apple. seema modi has more on that. >> delays for the iphone pro max don't seem to be stopping customers from entering apple's flagship store nearly 200 people shopping and browsing for various products, primarily international tourists those shortages are starting to show up. expecting 8 million iphones to be sold this weekend as opposed to 10 million last year. as the company is working to address those issues at the largest iphone factory in zhengzhou where workers protested earlier this week, altercations adding to pressure, foxconn struggling to hire workers due to the extended lockdown period. on november 6th apple warned investors of shipment delays but reiterated it continues to see strong demand. customers we spoke to here are willing to wait. some buying the lower cost iphone 13. an analyst says he doesn't see the extended wait times pushing consumers to exit the apple ecos ecosystem, that is the concern he initiall

stocks are hit you have names like sands china and alibaba and yum china all down let's bring in eunice yoonthe possible lockdowns again eu eunice, is this the situation where the government gets more strict this time around? >> reporter: beijing has been in an effective shutdown since the weekend with most businesses shut and schools online. this is after cases reached about 2,000 in the capital in the past two days. reported its first three deaths in the past six months the situation is worse in export hub guangzhou with 9,000 new infe infections the city imposed a five-day lockdown for the most populous district they reported a silent mode which is effective shutdown for the rest of the city a lot of people watching might be wondering how this all works with the fact that the government here had made announcement saying they would have a more targeted approach of what they call opt myimizing th zero covid policy. they did the pass mass testing y the state media saying that the solution should avoid a one-size-fits-all approach what investors need to understand is how the con contradictory

police arresting people over the violence as leaders face growing backlash over the policies we have eunice yoonh more on the story from beijing good morning, eunice >> reporter: frank, police confirmed they arrested 7 people after the video online showed haz-mat workers meeting up to residences that video has been censored online the tensions of the zero covid policy remain. including the foxconn factory. china appears to be moving into hyper drive to try to get the iphone city back up and running. official media reporting that the search for workers to supply the plant has gone beyond the city and to the province officials have now been enlisted to track down experienced workers mainly from the foxconn plant and convince them to go back with special bonuses to reach as high as $420 and 20% wage increases this shows the intensifying conflict with the government's priorities of zero covid and economic growth. for the most part, zero covid has been winning out it is not clear how the foxconn situation is going to play out a seven-day lockdown of the industrial zone that houses that foxconn facili

remains on the area of iphone city where a nine-day lockdown gets set to close out the second day eunice yoonest from beijing and the zero covid policy eunice >> reporter: dom, local authorities told reporters they will disinfect the foxconn plant in the next three days they said anyone who is quarantined is going to have to take a covid test every day for the next seven days before they will be allowed to go home this all comes as china continues to vow to stick to zero covid policy. the national health commission, the top authority, said they would unwaveringly go zero covid and residents need to stay alert in the early days of covid meanwhile, the costs of the covid policy have been mounting from the economy not only is the latest october data showing that the services activity have fallen off, but local authorities across the country have started to announce they will pass the cost of the covid test which is free currently, on to the chinese public this is covering the manufacturing area all the way to certain poorer parts of the country in guizhou the fee range is still ref relatively ch

eunice yoon is joining us from beijing with the covid infection wave eunice >> reporter: dom, beijing is a near ghost town after two new deaths and covid cases hit fresh highs. the city authorities have said that they are now closing more parks, malls and urging residents to stay home they also are requiring a negative 48-hour covid test as of thursday for more public places now, beijing is one of many cities around the country seeing fresh covid cases hitting fresh highs. the total count for the country as of this morning was 29,000. obviously from the zero goal perspective, that is a large number given the size of the population at the same time, it is alarming a lot of authorities in what they describe as a grim situation. beijing is now conducting mass testing. guangzhou is imposing tighter lockdowns. out in the west, they will have stricter stay-at-home measures there was research out today localities account for 20% of the china gdp. those localities are under some form of lockdowns or curbs it is not so far away from the situation we saw back in april when shanghai was in lockd

we have eunice yoon with the latest >> reporter: seema, one manufacturing 0hub appears to gt relief soonthe iphone city of zhengzhou foxconn has a factory spilling out to escape the covid curbs and spread the city announced it will be lifting the lockdown as of today which in theory should help the company to return to operations back to normal the decision is a bit of a surprise because of the number of reported cases today in the city was 95. that is for a city of12 millio people globally, very low at the same time, much higher than when the lockdown first went into effect so the protocols have not yet been eased that is creating a bit of confusion and uncertainty for foxconn and other companies there which has been facing a fallout for workers. officially, the company says that its production won't be affected however, an official news outlet quoted a factory manager who said this if they do not retain enough workers, they could see production fall by 50% he said the company now is looking for various ways to create financial incentives to keep the number of workers they need >> eunic

we have eunice yoon with more. >> reporter: it is rare to see them in so many different cities, seema. the security is extra tight today here in beijing and shanghai after the protests really showed a very strong sense of defiance among the people here. arguably the most resistance we have seen since the crackdown on tiananmen square in 1989 protests held in beijing and shanghai and guangzhou and chengdu and other cities the focus of the public anger was mainly directed at the covid controls there were indications that people were angry about other things as well in fact, people were holding up white paper which they were saying is a protest against censorship some calling for xi jinping in shanghai to resign now the leadership here as signalled for the most part it is sticking by the zero covid policy it is willing to curb some of the most excessive measures and state media has been running editorials today and yesterday zero covid is science based and effective. that they also have been warning local officials against what they describe as excessive covid layers now for context, acc

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and calls for xi jinping to step down so far failed to materialize for the second straight day eunice yoon is joining us from beijing with the latest there. eunice >> reporter: dom, residents were focused on any comments from the top health authority that could potentially lead to some easing of covid curbs the good news is the health authority will ramp up vaccination efforts among the elderly, but stopped short of a mandate which people believe is needed to get the vaccination rate higher. the authorities have also made comments about the complaints about covid curbs. not commenting on the protests saying that much of the problem was on the implementation at a local level. in other words, we are not really seeing a big difference in china's approach right now to zero kocovid. it is zero covid and trying to ease excessive measures on the local level. one thing that was heartening to investors was an unverified report or chatter, dom, which is interesting. making it clear this is an unverified report. some discussion about the leadership could be looking for and may have already approved t

leaders there making a pivot on the country's strict covid policies eunice yoon is joining us now from beijing on the fast-moving developments eunice, what exactly has changed? >> reporter: seema, you or i might call this a pivot, but the beijing leadership says they are sticking by zero covid, but optimizing control. still, the market is interpreting this as relaxation. for those who want to come to china, for example, if you are a foreign executive, there is good news for you here. the government says they will trim the centralized or government quarantine from 7 to 5 days still do 3 days at home here assuming you have a home here. there is a policy with airlines with a problem with china would suspend flights with cases on them that policy has now ended. finally, a requirement to have two 48-hour negative covid tests. that has been dropped to one the tweaks for zero covid are being applied to the country they eliminate some of the more extreme measures for close contact for example, the quarantine in government isolation facilities have been cut from seven days to five. they are cal

our eunice yoon joins us eunice. >> reporter: thanks, dom the industrial area that houses the foxconnacility says it's going to reimpose very strict covid controls so these are quite harsh the authorities said there will be no transportation except for essential services, that everyone is going to be ordered to stay inside and also to work from home. they're not going to even allow people to go outside and buy groceries. the only time you are allowed to leave the house is to take part in the mass testing rounds so this is seen as potentially very disruptive for the foxconn facility, which has already been hit with a lot of worker issues. they say it's going to last until november 9th again, it was triggered because we see what in a chinese context is a surge in cases of a reported 359 for a population of 12 million of course, globally, this isn't a very significant number. but, of course, it is enough to motivate the beijing authorities and have a lot of people concerned about the foxconn facility, which is responsible for about 80% of the production factory of the iphone 14 the nio e

eunice yoon live in beijing. great to see you. >>> coming up here on "worldwide exchange."ing for the mid-term elections where voters say they stand on the state of d.c. and the country overall. more on this story coming up stay tuned to "worldwide exchange." even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. >>> welcome back to "worldwide exchange." looking at the u.s. capitol ahead of the mid-term elections tomorrow the

let's get to eunice yoon in beijing to talk about apple, foxconn and some of these restrictions, eunicewhether this was in some way apple's attempt to register their dissatisfaction with industrial policy >> reporter: well, apple was saying that they are working very closely with their supplier here, foxconn, on trying to improve the conditions for the workers. foxconn said that the zero covid policy has forced it to revise down its forecast for q4 this is really important quarter for taiwan companies, so it's a pretty big deal. the company, foxconn, said they hope to resume full capacity as quickly as possible, and that means to the company reorganizing the facility to further restrict the movement to factory and dormitories, but at the same time, of course, improving the conditions for the workers to maintain them and attract new ones they're offering a lot of cash, bonus for one-time bonus for anybody who wants to return to the factory. $69, pretty hefty in chinese terms. and also they're recruiting with 20% bump in salary for new folks to come to the factory now, official media is q

beginning with eunice yoon in beijing, pippa stevens on the commodity ripple and steve kovac at the apple impact. eunice, start with you and the latest development over what's been an extraordinary weekend. >> reporter: absolutely, tyler shanghai residents complaining tonight that police at transport hubs have been checking their phones asking to see if they have vpns or foreign apps like instagram, twitter or telegram, the encryption service, twitter, a telegram often used by protesters as well as activists to communicate now, this is all coming after a weekend of protests erupted in multiple cities including here in beijing triggered by a deadly building fire in the far search city, which many people suspect could have been worsened because of covid controls. now, much of the public anger is being directed at the zero-covid policy however, there are some indications that there's a wider dissatisfaction with the freedoms here. in fact, in beijing, there were several people who were olding up blank sheets of white paper to protest censorship in shanghai even people calling for the resigna

of various communities to push back against government authorities. >> we are so lucky to have eunice yoon i think for the world in her reporting. >> she does a great job. eunice, we appreciate it thank you. >> when we and back, a lot more on this last nine minutes of the day or of our day, at least, but it's also a shortened trading day. still plenty of opportunities perhaps to make money. we have some ideas after the break. first, as we head to that break, take a look at this morning's biggest premarket winners and losers you're watching squawk from the opening bell on wall street it will be a shortened trading session today. we're done at 1:00 joining us is ethan, chief investment officer at monetta, which has more than $32 billion in assets under management ethan, thanks for joining us we haven't said the word pivot i think the entire morning here. we would have to go back and check the transcript do you see the federal reserve doing anything resembling a pivot in the next several months that is a catalyst for stocks here >> well, it really depends on how we define pivot. what the fed

eunice yoon, we'll talk later.icture and china's impact, let's bring in ceo charles delara. charles, it's great to have you back welcome back. >> good morning. good to be with you this morning. >> before we talk about i guess the fed and sort of monetary policy, impact from china, yellen this morning at a conference did suggest as others have that it might renew some of the supply chain worries we had earlier in the year. >> well, certainly that is a risk here. i think we just have to monitor closely the evolution of the lockdown policies in china to see if there is no significant easing in the lockdown i think we could see renewed further supply chain difficulties which could put further pressures on price levels on the other hand, the chinese economy is clearly in a relatively weak state, especially compared to its historical performance i think we have to monitor the situation closely to see which way it goes in the weeks ahead certainly we have not yet seen any dramatic move toward reopening the economy, nor ha

down 2%. >>> let's begin with the latest from china protests erupting over the covid lockdowns eunice yoonund in beijing with more. good morning again, eunice. >> reporter: hi, carl. some good news out of the city that sparked the protest the far western city said it's resuming more public transport as well as delivery services as of tuesday as local officials look to accommodate at least somewhat more of the pushback from the public. the weekend protests were arguably the biggest show of resistance to the chinese communist party since the 1989 crackdown in tianamen square they were sparked by a fire in urumqi due in part to covid controls much of the public ire is directed at the zero covid policy however, there is evidence there are wider grievances many people have been showing blank white sheets of paper, holding them up to indicate their protest against censorship also in shanghai, some people were calling for the resignation of xi jinping. beijing has been indicating it is going to continue to stick with its zero covid policy, though it will be mitigating some of the more excessive c

eunice yoon joins us from beijing. hi, eunice >> reporter: joe, the authorities said they have made some progress with the vaccination of the elderly they say it is 65.8% for those who are over the age of 80 and those are the people who would have one shot. better than before they said they are ramping up the vaccination drive. however, there was no discussion of a mandate that is something that a lot of experts believe that china would need to try to overcome their vaccine hesitancy here the authorities had also not directly acknowledged the protests in any way, but did acknowledge there were complaints about covid curbs saying the issue is the implementation and excessive implementation of the covid curbs, but not covid restrictions it is telling thaws beijing is sticking by the zero covid approach while mitigating the more egregious measures. what was interesting today and really investors latched on to and gives us a sense or window into the mindset and sentiment is the unverified discussion that the leadership has

china relaxing some of the strict covid rules we want to get right to eunice yoon in beijing. ificant. i can't remember hearing anything like this over the last three years. >> reporter: you and i would say relaxing or significant. china and chinese leadership has described this as optimizing th covid controls and unwavering sticking by the zero covid policy the market has considered this as easing. there are positive developments for any foreign executive who may want to come into china. the government quarantine is five days in a hotel that is appointed by the government opposed to seven days shorter period another three days if you have a home here, to be monitored there. then you only have to take one negative covid test in 48 hours instead of two it might be easier to catch a flight here because the policy that u.s. airlines as well as other foreign airlines found unreasooeasonable by china was e circuit breaker which china would suspend flights if infections were detected on the flights. that policy is over. there is positive developments for us who live in china first of

we have eunice yoon with more from beijing eunice >> reporter: andrew, the beijing district has beeneffective shutdown since the weekend with most businesses closed and schools online this is as cases here in the capital have reached about 2,000 in the past two days and as the city reported the first three deaths in the past six months. the situation is worse in the export hub of guangzhou with 9,000 infections they have a lockdown with the populous district and they reported silent mode for much of the rest of the city it has been a little over a week now since the leadership announced easing zero covid or from what they say optimizing zero covid the national health authority today reiterated mass testing should be targeted and state media had been repeating that china should not have a one-size-fits-all approach for the investors, the contradictory messaging is devolving to the local level. authorities want to appear to adhere to the reopening rules, but at the same time, they are measured as to how closely they get their numbers, infections to zero what happens in effect is it cre

as china continues to combat rising covid cases our eunice yoon is on the ground in beijing and she hashe latest for us. eunice >> reporter: thanks, david beijing says as of this thursday, residents will have to show negative 48-hour covid tests in order to get into public spaces. however, unofficially, businesses have been requiring 24-hour negative covid tests just the latest example of the very inconsistent and confused implementation of these chinese covid policies now, beijing has already been discouraging people from coming into the capital by increasing their testing requirements tonight shanghai announced it's following suit, saying it's going to require daily covid testing for four days for inbound travelers. the daily infection count has soared in a chinese context to nearly 29,000 for the country. in global terms, tiny. but from a chinese perspective, it's what authorities here have described as grim. this is ramped up mass testing around beijing, in tianjing and in guangzhou they said they're imposing stricter lockdowns for more districts. chongqing out west said it's urging

like eunice yoon when she does her report that aside, i would imagine the white house is feeling goodave this meeting, it's a global victory lap. >> that's why president biden started his press conference from bali, indonesia, by talking about the u.s. mid terms and an affirmation of american democracy, and specifically of his agenda certainly the top-line takeaways are positive, and regardless of the heart facts about china's military buildup, president biden said he walked away from the building not believes a cold war was imminent or a military event was imminent that's a positive one, but as john was just saying, there was no love lost between the two countries on the economy front there was a passage from the prc read from the meeting. 2 says -- starting a trade war or tech kneeling war, building wars and barriers, pushing for decoupling run counter to the principles of market economy and undermine international trade rules. that's what beijing is accusing the u.s. of doing. we're still in a period where the trump-era tariffing show no sign of going anywhere soon. there's a new m

let's go there right now hundreds of workers erupted in protest at the world's largest iphone plant eunice yoonany different things going on on your beat, eunice. >> reporter: absolutely. apple supplier foscon said as of tonight that facility in china is back to normal. this is after videos online that were obtained by a.p., not verified by cnbc, seemed to be foxconn workers clashing with authorities in hazmat chutes suits while shouting "give us our pay. the protesters claim they're being forced to stay in isolated covid-controlled areas for much longer in fact, weeks longer than they had agreed upon with the company in order to get extra pay and bonuses. they also say they are fearing the virus spread at the facility foxconn says it's communicating with the workers and the government to, quote, avoid a recurrence of that offering worker's compensation. this comes as china's covid outbreak appears to be going national that very city said it is now putting some of the downtown areas in effective longdown until next tuesday it's also going to be ramping up mass testing to daily mass testing. cho

the figures show the impact of the strict covid control measures eunice yoon is joining us from beijingory. >> reporter: seema, good morning. the apple supplier posted a 5% rise in profit, but missed expectations and sees a flat fourth quarter with the covid situation with the facility in china. the company wants to very quickly shore up so it can have that facility back up and running and officials say the evident which has been province wide to restaff the facility has made progress. quoting authorities saying they believe they will be able to lure back the 100,000 or so people needed to get the factory fully online toward the end of the month. the situation with foxconn is part of the what seems to be the experiment by beijing to maintain zero covid and mitigate the social as well as economic fallout. the state media has been praising the city of guangzhou as they described targeted measures the official news agency said that the authorities should be stripping away extra unnecessary layers of covid curbs which would suggest that maybe they are looking for some way to make things eas

eunice yoon. thank you. >>> a quick note as we head to break.an exclusive interview with cleveland fed president luresta mester that's coming up on "closing bell" at 3:00 p.m. eteasrn we'll be right back. stay with us ♪ at prudential we think you should say it when things go right too. like, when you score your dream job. sell your business. or discover she's smart... really smart. now what? here's what: you connect with prudential's rock-solid team serving over 50 million people. with investment, insurance and retirement know-how. who's your rock? visit prudential.com or speak to an advisor today. you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart inves

with president biden and chinese president xi meeting earlier today at the g20 summit let's get to eunice yoon, eunice >> reporter: hey, morgan in that three-hour conversation, president xi and president biden seemed to be able to make some progress in that they both agreed to continue to engage in the chinese readout, as well as in the u.s. readout, we saw that both countries were more or less reiterating their positions. the chinese foreign ministry put out a statement saying that president xi had essentially laid out to president biden what china's position is, and continues to be. he started with the taiwan issue. saying that taiwan is the first red line that might not be crossed. what was interesting is the chinese side acknowledged that president biden said that the u.s. does not support taiwan's independence or to china's president biden has said this in the past but it's positive that at least the chinese did acknowledge it on competition, again, we heard that president biden had brought up the importance of competition in this relationship, but also that it doesn't turn into conflict

. >> eunice yoon, thank you.h china covid cases topping 30,000 for the first time ever the kyetf track those china companies down 4.5% right now. let's bring in danives and you've published today on this issue with some specificity. so how are you getting your information here on what's happening in the apple supply chain? >> yeah, based ongoing into today we thought it was about 5% cut to iphone units. what we saw at stores today across retail it's about 25 to 30% below typical for apple within apple stores. and i think you're seeing those wait times continue to increase. look, this is not good news and it's been a body blow to apple for some supply chain perspective. right now they can only watch. >> apple has managed pretty well throughout the supply chain crisis that came out from covid, right, and it's been -- there have been questions before about china and apple, and it manages to overcome those. are you saying something's different this time? >> i think this time is different because it's the most importa

to answer, eunice, my guess is they did not poll the people before coming out with that response eunice yoon, thank you very much >>> we're going to talk more about what that means for your mo money. so is meta facebook, meta could begin layoffs as soon as this week do we have any idea what large scale might we mean? >> according to "wall street journal," it's thousands they'll get the layoffs as soon as wednesday after going on a hiring and spending spree during the pandemic, along with other big-tech peers, so meta declined to confirm the layoffs are actually happening this week, but a spokesperson pointed us to the statement in the last earnings call, where he said some teams will grow, but others will stay flat or shrink on the floor the next year. but, look, that head count ballooned during the pained, meta growing from 45,000 to 87,000 employees over the last three years, nearly doubling head count in that time period, and they weren't alone alphabet during the same time period grew 57% to 187,000 employees. amazon, it doubled head count, up to 1.6 million employees. apple is an outlie

difficult to see how economic activity or consumption gets back to normal ty >> thank you very much, eunice yoonreciate you staying up for us tonight. >>> next up, wilmington, delaware, as bankruptcy proceedings begin for ftx. the price of bitcoin falls to 16,000 ay a bring us up to speed, oo eamon. >> reporter: the mood from the attorneys emerging from the hearing room today is this could take years this can be a long process up to 1 million customers involved at ftx the attorneys say the company is engaging with a cybersecurity firm which they won't name for security purposes. f there are assets that are missing here the ftx attorney saying the previous administration describing it as the emperor had no clothes running ftx. >> a judge ruled in a dispute we had during the course of this hearing, the company argued the customer names here should remain private that is, people who bought crypto using this exchange did it with the expectation they should be private. that customer list represents a substantial asset if it has private to ftx, that it could sell in the future to make money for the pe

eunice yoon is live from beijing with more. we've been seeing you on our airwaves all morning, but i'm blessing your reporting is being blacked out on the ground where you are in china >> reporter: yeah, i would guess so that's been happening all this week whenever we talk about any type of protests or other frustration with the covid curbs. dierdre, one interesting development is shanghai residents are complaining online that police are checking their mobile phones at transportation hubs to look for foreign apps, such as instagram, twitter and telegram telegram is, of course, the encrypted messaging app, and it is often use bid by protesters s well as activists to communicate. otherwise, security is extra tight, not only in shanghai but also here in beijing this is after the weekend protests which erupted in multiple cities. not only, of course, here in beijing, but also in wuhan where the pandemic started the protests on the whole were sparked by deaths at a building fire in the far western city, which many people believe wer

eunice yoon is live from beijing with more.if the more significant thing is that china reported this covid death or if it's -- is the general belief or consensus that this is indeed the first or just the first that's being reported in six months >> well, now we have three reported deaths here in beijing, which is -- this is the first in six months but either way, if it's one or if it's three, it's all raising concerns here that we could see a much more chaotic enforcement of already conflicting covid policies the capital put its largest district where i am now into an effective shutdown, shutting most businesses and putting schools online this also comes as kwang joe is in a much worse situation, the export hub in the south, and it's put its most populous district into a five-day lockdown and the rest of the city is in what city is what the authorities have described as a silent mode, so an effective shutdown, and this comes after a week when the leadership said they would be easing their covid policy, a stringent approach they

we're joined from by joining with our eunice yoon what's it like there month were there more protests. >> reporter: there were no more protests security is very tight after the weekend protests which were arguably the most open show of defiance against the communist party since the tiananmen square crackdown. the protests erupted in multiple cities including here in beijing and were triggered by a deadly building fire in the far western city which many people was worsened by covid controls the bulk of the public anger has been directed at the zero covid policies however, there are indications that there are more wider spread grievances many people were holding up blank sheets of white paper to indicate their frustration with censorship also in shanghai people were calling for the resignation of president xi jinping beijing has so far indicated that it's going to stick by its zero covid policy, mitigating some of the most excessive curbs, but also interesting tonight, sara, is that shanghai residents have now been saying that police have been conducting random cheques of their phones l

of the whole thing not a scientist, but a man who amounts to china's chief propagandist cnbc's eunice yoonive in beijing. >> thanks, shep. beijing would need a narrative for its people the speculation went wild on social media and sent stocks soaring, but the reality on the ground here in china is more restrictions chinese workers desperate to escape their locked down factory. these dramatic videos from the city in central china flooded chinese social media in recent days workers ran from a plant run by apple supplier foxcon where they had been confined in alleged poor conditions with little food or medical care for two weeks due to covid restrictions imposed by local authorities in response to a small outbreak in the city some walked long distances to return to their hometowns. this gentleman claimed he walked over 37 miles, wearing out the wheels on his suitcase overnight more than half of the workers at foxcon workers left, he says. foxcon's exodus is the latest sign of frustration with the covid cases, despite its impact on society and economy many citizens are becoming worn down with

eunice yoon is joining from us beijing. eunice, what's happened? >> reporter: becky, police in northeastern china confirmed 7 people arrested after video surs surfaced online which appeared to show haz-mat suited pandemic workers dragging and beating up two residents. it looked as though police had joined in on that beating. now the video has been heavily censored and it is not clear who has been arrested. obviously it say is a sensitive topic. this comes as the leadership continues to defend the zero covid policy despite the social and economic fallout what has been interesting is a development around the area of iphone city in the central part of the country where officials have now look to be in hyper drive to get the iphone city plant back up and running. official media have said that the search for experienced foxconn workers has gone beyond the city and is now province wide where province authorities are enlisted to track down trained workers and convince them to go back to the factory and offering special bonuses that can run as high as $420

we have eunice yoon with more. >> reporter: good morning, melissa. is a near ghost town situation as covid cases continue to rise and the capital reports two new covid deaths the city is shutting malls as well as parks and urging residents to stay home a couple of hours ago, the authorities said that if you do go to a public place as of thursday, we are required now to show negative 48-hour covid tests. beijing is one city here that's been showing the covid cases surging at fresh highs around the country which is now totaling 29,000. of course, tiny when it comes to global perspective for china, it is really seen as a high number. because of that, it is triggering cities around beijing and mass testing guangzhou requiring mass test ittinging. and in the west in chongqing has stricter policies and urging people to stay home. and nomura says they account for 20% of china gdp and now under some form of lockdown or curbs this is to the far away from the estimate in april when shanghai was under its brutal lockdown. encouraging news out of the iphone city

nasdaq down 90 s&p down 30 points >>> the growing unrest in china over covid lockdowns eunice yoon isning us live from beijing good morning, eunice >> reporter: hi, joe security is extra tight here in beijing as well as other cities across the country after what was the biggest show or arguably the biggest show of resistance to the chinese communist party from 1989 at tiananmen square. protests in beijing and chengdu and guangzhou sparked by the deaths at a building fire in the far western city where people suspect the deaths were partially caused by covid controls the focus of the protests are primarily against zero covid policy there are indications that people are having wider grievances some people here in beijing were holding up white paper to protest the censorship here. some in shanghai were calling for president xi jinping to resign beijing is signaling it will stick with the zero covid policy though curbing the excessive curbs and state media has been running statements saying zero covid is science based and effective and warning against layers beijing is potentially at a tur

let's get to eunice yoon who typically brings us a lot more in terms of trying to understand what's reallyreporter: well, you guys will be happy to know that all of those people at the park tested negative, but the bad news is that shanghai disneyland still remains closed this is after one covid infected woman visited the park so, shanghai authorities are still not taking any chances they are hunting for any of the close contacts, telling residents they should stay at home and undergo testing if they visited the park since thursday. now, disney is not the only multinational company that has had to face the fallout of zero covid. apple supplier foxconn has also seen an outflow of workers the company says that the production hasn't been affected, but there was an official news outlet, which quoted a factory manager at the plant in guangzhou central china who said if they're not able to retain workers that they could potentially see at least a 50% drop in production so, that is a big concern. one bit of relief, perhaps, for foxconn is that the whole city today said they were going to lift the

our eunice yoon reporting that the iphone city will not be continuing lockdown. >> reporter: momentsit will lift lockdown in one hour's time. there was concern there could be an extension of the lockdown, but the city said it's going to lift everything so that, except if you live in a high-risk area, people can go outside again and that public transportation will resume so, foxconn, obviously, as we talked about many times, has that iphone facility there it's operating in a closed loop, so it wouldn't necessarily be affected at the facility itself. however, this could be helpful for the logistics to try to get a lot of those iphones out of that -- out of that plant. now, separately tonight, there had been another interesting development because the leadership has said that they held a meeting on social stability. and the leadership has said, of the communist party, said that china must crack down on what it described as hostile forces and illegal and criminal activities. they also said that the government must earnestly safeguard social stability now, this comment wasn't directly aim

eunice yoon has more on this front. e watching the markets overall in asia pick up on this news in china, eunice. >> reporter: absolutely. i think it is because there is so much hope there would be a lifting and exit to the zero covid policy you said they are unverified posts and they do suggest that beijing committee could be forming for a reopening some time in march. again, unofficial posts have been saying that this committee would be led by president xi's political theorists and run through data from the united states and singapore as well as hong kong. again, very difficult to see how this would proceed given the fact that president xi has been quite strident in his messaging over the value of zero covid one development has been the foreign ministry was asked about this rally and the reports and said that they were not aware. what is interesting so far is state media also hasn't been reporting on it at all which suggests this is a sensitive topic. again, we have some awareness that a lockdown lift would be very hel

eunice yoon joins us with more eunice, hello. >> reporter: hey, joe.rt hub guangjo is lifting most of its lockdowns and this is after videos emerged of what appeared to be quite violent clashes between residents and the authorities. this mood of the protestors as well as the public will probably be affected by another major political development today and that is the death of former president jiang zemin. jiang, who oversaw the country in the 1990s and early 2000s died in shanghai due to leukemia and organ failure. during his watch china entered the wto, hong kong was successfully handed over from the u.k. to china and mcdonald's, gm as well as a lot of other multi-national countries entered china which was in a period of tremendous opening up and reform. now in light of the covid protests that we've seen during the past several days, people have already been making comparisons with the tee enna men square protests in 1989. that was sparked by memorials after the death of another very senior leader in chinese politics who was revered by chinese reforme

eunice yoon, thank you andrew >> coming up on the other side of this, americans hitting the road or sky this holiday, bracing for some of the busiest travel days of the year. we'll join phil lebeau in a moment, live from chicago's o'hare airport already getting busy at this hour first, as we head to a break, a look at yesterday's s&p 500 winners and losers lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business. power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes c