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Stocks and oil rise on hopes of looser COVID curbs in China

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Stocks and oil gained on Tuesday on hopes that public unrest in China might prompt an earlier loosening of COVID-19 curbs in the world's biggest economy, with the yuan up and the dollar down as investor appetite for riskier assets grew.

after the country's securities regulator lifted a ban on equity refinancing for listed property firms.jump almost 3%, in the largest one-day rally in a month and a marked reversal of Monday's steep falls.the U.S. central bank would reverse course on interest rates relatively quickly next year.

That heightened tensions ahead of speech by Fed Chair Jerome Powell on Wednesday that is shaping up to be a major messaging event as markets yearn for a pivot on policy."We envision him basically confirming a slower pace of hikes at the December meeting, which is almost entirely priced in," said Jan Nevruzi, an analyst at NatWest Markets. "But we also think he will reiterate that the Fed intends to stay in restrictive territory through next year.

Reporting by Tom Wilson in London and Wayne Cole in Sydney; Editing by Bradley Perrett, Kirsten Donovan

 

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