Stocks, oil edge up as China relaxes quarantine rules

LONDON, June 28 — Global shares moved into positive territory today while oil prices firmed following China's decision to ease some quarantine requirements for international arrivals that raised hopes for stronger growth and a revival in demand for commodities.

China's strict zero-Covid regulations have been a drag on activity in the world's number two economy, but an easing of travel restrictions and reopening of major cities from lockdowns boost optimism that growth can get back on track. MSCI's broadest index of Asia-Pacific shares rose 0.3%, while Hong Kong's Hang Seng reversed earlier losses to rise 0.7% and China's CSI 300 Index gained over 1 per cent. China's tourism stocks gained over 5.5 per cent.

"Unfortunately for many investors, such a pivot will likely not happen until after the economy has slowed down sufficiently to bring inflation on a sustainably downward path." Euro zone government bond yields held near their highs after Lagarde's comments, with Germany's 10-year yield, the benchmark for the bloc, up 8 basis points at 1.63 per cent.

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