Wuhan and other Chinese provinces declare red alert as floods disrupt supply chains

The summer rainy season in China this year is particularly bad

In case you missed the earlier headline from Monday here.

The situation is still ongoing and this has seen Wuhan and the provinces of Anhui, Jiangxi and Zhejiang declare red alerts as the floods bring about more disruption across the countryside and are further impacting businesses even more.

Morgan Stanley currently estimates that the floods could lead to a drag of 0.4% to 0.8% on China's Q3 GDP growth, with many businesses affected by the situation and supply chains are being disrupted - even more so following the virus impact already.