Stock markets gained while the U.S. dollar softened on Tuesday after China said it would drop its quarantine requirements for inbound visitors, further easing three-year border controls aimed at curbing COVID-19.
U.S. stock futures, the S&P 500 e-minis , inched up 0.61%, indicating the market is set to rise as traders return to their terminals on Tuesday after the Christmas holiday.Chaoping Zhu, a global market strategist and JPMorgan Asset Management, said the latest policy move from China indicated economic activity in most major cities may return to normal very quickly, which is very positive for investors.
He also said the reopening of China, which also entails resuming outbound visits for Chinese tourists, will lift consumer and service sectors outside of the country, particularly those in nearby Southeast Asia. Oil prices ticked up on thin trade on Tuesday, on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil.Brent crude was up 73 cents, or 0.9%, at $84.65 a barrel by 0122 GMT, while U.S. West Texas Intermediate crude was at $80.41 a barrel, up 85 cents, or 1.1%.
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