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Asian stocks rise on hopes China will relax pandemic curbs

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Investors hope Beijing will ease zero-Covid policy and reopen to world

Hong Kong — Asian shares rose on Tuesday as US stocks increased overnight before midterm elections and investors clung on to hopes that China will relax its strict pandemic curbs even after the government reaffirmed its commitment to the zero-Covid policy.

“The thing to watch will be the US midterms today and the consumer price index data tomorrow,” said Redmond Wong, Saxo Markets’ market strategist for Greater China, in a note on Tuesday. The policy has weighed on China’s economic activity, with downbeat trade data on Monday providing the latest sign that the world’s second-largest economy is slowing.

Analysts said US midterm elections on Tuesday could impact markets. Control of the US House of Representatives is at stake in the midterms, with Republicans favoured by nonpartisan forecasters to win control.

 

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