EUROPE Stocks rises on China's reopening

European stock markets were in positive territory on Tuesday, 27 December 2022, mirroring gains on Asian bourses, as China announced it was ending its Covid-era quarantine rule for inbound travellers and reopen the economy, raising hopes of a recovery in the world's second-largest economy..

China will stop requiring inbound travellers to go into quarantine starting from Jan 8, the National Health Commission said on Monday. It will also downgrade the seriousness of Covid-19 as it has become less virulent and will gradually evolve into a common respiratory infection.

At 12:22 GMT, the pan European Stoxx 600 index was up 0.44% to 429.34. France's CAC 40 index grew 1% to 6,571.32. Germany's DAX index advanced 0.8% to 14,054.18. Switzerland's Swiss Market index jumped 0.6% to 10,873.06. U.K. markets remain closed for a public holiday.

 

Shares of China-exposed luxury firms LVMH and Kering both rose around 2% on hopes of improved Chinese demand.

Skanska AB, a Swedish construction and development firm, gained 1.1% after it signed a $56 million worth contract with AECOM to repair Norfolk Naval Shipyard berths in Portsmouth, Virginia, USA.

Swiss fintech Leonteq tumbled nearly 4% after the Swiss fintech firm said it was lowering its profit expectations for 2022 due to reduced client demand in the second half of the year.

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