HONG KONG/LONDON (Reuters Breakingviews) - Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with MORBID ANNIVERSARY. One year after China confirmed its first death from Covid-19, there is a sense of déjà vu. Daily cases in mainland China surged past 100 for the first time in five months on Sunday. The capital of Hebei province is in lockdown: people are barred from leaving the city and residents have been ordered to stay home. Beijing, Shanghai and Shenzhen have urged people to avoid travel for the upcoming Lunar New Year. The crackdown comes just weeks ahead of the week-long holiday, typically the largest human migration in the world and a $150 billion consumption boom. So the economic implications are grim. Wuhan went into lockdown on the eve of last year’s break. Restrictions, mass testing and tracing, plus the vaccine rollout, will likely prevent a nationwide outbreak. But retail spending has lagged China’s broader industrial recovery and the ongoing struggle will be closely watched. (By Yawen Chen) RED CARDED. French soccer star Paul Pogba had better raise his game: trophy players have not been immune to the pandemic. Despite matches restarting last summer, KPMG calculates that the aggregate value of Europe’s top 500 players, including the Manchester United midfielder and Barcelona’s Lionel Messi, has declined by 2 billion euros to 18.7 billion euros since February 2020. The drop reflects clubs’ diminished purchasing power. As matchday sales evaporated, even historical spendthrifts such as Paris Saint-Germain and Manchester City became wary about marquee signings: CIES estimates that the value of transactions during last summer’s transfer window in Europe’s top five leagues dropped by 43% to 3.3 billion euros. The rest of the season looks equally grim. The European Club Association reckons leagues face a two-footed 3.1 billion euro tackle to their top lines this year as stadiums remain mostly empty, pushing player wages up towards 80% of sales. That may lead to pay cuts for Pogba and his rivals. (By Christopher Thompson) OUT OF JOINT. The pandemic is dealing a heavy blow to the business of fixing creaky hips and knees. Just look at Smith & Nephew, the 14 billion pound manufacturer, which said on Monday it expects revenue to decline by around 7% in the fourth quarter. The rise in Covid-19 cases in hospitals has prompted customers to delay hip and ligament surgeries. The news knocked around 3% off the company’s share price and pulled rivals Fresenius and Straumann down by around 2%. Further pain is likely. Covid-19 infections are rapidly rising in the United States and Europe, Smith & Nephew’s two main markets. This means private hospitals, which are often the setting for elective surgeries, are being used to treat more urgent cases. Despite a relatively strong wound management business, Smith & Nephew’s new Chief Executive Roland Diggelmann reckons full-year revenue will decline by around 12%. Until hospitals are less overwhelmed, there will be little relief for these aches and pains. (By Aimee Donnellan)