Stocks and commodities jump as China drops quarantine rule

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tock markets gained on Tuesday after China said it would scrap its COVID-19 quarantine rule for inbound travellers – a major step in reopening its borders.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6%, outperforming an index of global shares, which rose 0.2%. China’s bluechip gained 1%.

The pan-European STOXX 600 index rose 0.5%, tracking the rally in Asia, a small gain against the nearly 12% it has lost this year, as central banks’ aggressive monetary policy tightening has hit European equities hard.

U.S. stock futures, the S&P 500 e-minis, climbed 0.7%, indicating the market is set to rise as traders return to their terminals on Tuesday after the Christmas holiday.

Markets in some regions including London, Dublin, Hong Kong and Australia remain shut.

The value of bonds fell as yields, which move inversely to price, hit nine-week highs on Tuesday, with German two-year yields at their highest since 2008 to trade around 2.489%, while Italian bond yields rose 11 basis points to 4.622%.

va REuters

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