| Hi all, this is Jane in Hong Kong. Protests across China opposing the nearly three-year-long Covid Zero policy have cast a shadow over the recovery prospects for the world's second biggest economy. But first… Today's must-reads: • Amazon.com Inc.'s new Graviton chip pushes it into competition with Intel Corp.
• iPhone Pro deliveries are taking longer than ever
• Sony Group Corp. has a $360 metaverse wearable to sell you Just two weeks ago, executives from China's e-commerce giants like Alibaba Group Holding Ltd. and JD.com Inc. offered a note of cautious optimism about China's economy being over the worst of its Covid doldrums and on an upward trajectory. That optimism, bolstered by expectations of a renewed focus on the economy after Xi Jinping secured his third term, has been profoundly shaken by a weekend of widespread protests in the country. The key objection is to the regime of severe and prolonged lockdowns that's known as Covid Zero. China's go-to response for controlling the spread of Covid-19 has been to suppress the movement of people and thus regular economic activities. The outcry showed a population short on patience with controls that have lasted months beyond the point at which other nations have learned to live with the pandemic. That frustration was evident in online retail figures. Earlier this month, Alibaba didn't disclose sales for its signature Singles' Day extravaganza for the first time in the event's 14-year history, suggesting a lackluster showing. And the modest Black Friday results in the US carried over in China (because, yes, Black Friday is a thing everywhere). The combined sales on Alibaba, JD.com, Vipshop and Amazon in mainland China rose by less than 5%, according to estimates from Bloomberg Intelligence. Timing the rebound of China's consumer economy is a risky proposition, particularly for investors shellshocked by 2021's tech crackdown. The question now, really, is whether the country will let that happen. It's far from clear what happens next. Asset prices in China jumped on Tuesday as protests died down and health officials announced a mere press briefing — stoking hopes of an economy-boosting easing. Analysts from Citi said recent setbacks, like a new daily high for infections, are unlikely to bode well for sentiment, but they are "cautious not to interpret these as overly bearish." On Nov. 17, Alibaba CEO Daniel Zhang gave a boost to optimists when he said "overall we do expect things to continue to improve in a positive direction." On a personal level, I can't help but feel something has died over the past year or so — it comes across in so many ways. My social circle is full of usually enthusiastic Singles' Day and Black Friday veterans. This year, our usual sharing of deals and ideas for frivolous purchases all but dried up. The passion just wasn't there. The entire global economy is undergoing this belt-tightening, but in China, there's also the cloud of doubt that hangs over what happens not just months from now, but tomorrow. So long as people are pushed to stockpile daily necessities just in case they're cut off from the world, the consumer engine of China's economy will not return to its former roar.—Jane Zhang Musk is picking a fight with Apple Inc. over its App Store fees, fashioning himself as a free speech champion in his Twitter rebuild project Foxconn is offering yet more bonuses to bring back iPhone assembly workers Cyber Monday may bring more cheer for retailers than Black Friday BlockFi is the latest crypto venture to fail and take down user funds with it | 
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