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Asian stocks rise on China reopening hopes, track Wall Street

  • 📰 Reuters
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Asian shares rose on Tuesday as U.S. stocks increased overnight before midterm elections and investors clung on to hopes that China would eventually relax its strict pandemic curbs even after the government reaffirmed its commitment to the zero-COVID policy.

"The thing to watch ... will be the U.S. midterms today and the CPI data tomorrow," said Redmond Wong, Saxo Markets' market strategist for Greater China, in a note on Tuesday.

"Markets are expecting the gridlock situation of a divided Congress and moderation in the U.S. CPI. Both are helping the risk-on sentiments." Investors are hoping China will gradually ease its zero-COVID policy and reopen to the world, even after health officials reiterated their commitment to the policy on Saturday at a press conference.on Monday providing the latest sign that the world's second-largest economy is slowing.

"Investors took note that the health officials added that local governments should not unreasonably double down on the implementation and must ensure people’s livelihood and economic activities remain normal," Wong added.shot up 1.33% in early trade, hitting an 8-week high.

 

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China locks down again after someone smelt a fart in Shanghai and it's Biden's fault. As a result Chinese real estate developers couldn't possibly be responsible for their Ponzi scheme. On an unrelated note Reuters begs everyone to buy Chinese bonds as they seek a short position.

😅😅😅Guang Zhou shutdown too.

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Asia stocks resilient as Wall Street slips, China trade disappointsU.S. stock futures and commodities slipped in Asia on Monday after Beijing denied it was considering easing its zero COVID-19 policy, though resilience in Asian equities took some of the sting out of the selling.
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