Asia markets rise as China says it will end quarantine for inbound travelers
SHANGHAI, CHINA – JUNE 08: Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China. (Photo by Zhang Zhuoming/VCG via Getty Images)
Vcg | Visual China Group | Getty Images
Stocks in Asia rose as China officially announced overnight it will end quarantine for inbound travelers on Jan. 8 — symbolizing an end to its zero-Covid policy that it’s held for nearly three years.
The nation also downgraded Covid to a less strict Category B, health authorities said, from its current top-level Category A.
In mainland China, the Shanghai Composite rose 0.35% and the Shenzhen Component gained 0.32%. Markets in Hong Kong, Australia and New Zealand were closed for Christmas holiday.
In Japan, the Nikkei 225 rose 0.46% and the Topix gained 0.55% as the nation saw retail sales up for the 9th consecutive month led by tourism. The Kospi in South Korea gained 0.47% and the Kosdaq climbed 1.12%.
In the U.S., Wall Street ended last week with some gains for the S&P and Nasdaq Composite while posting a weekly loss as recession fears continued to batter investor sentiment. The core personal consumption expenditures price index for November came in at 4.7%, slightly hotter than expectations on an annualized basis.
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