World Shares Inch Up As China Eases Strict COVID Rules

World shares advanced Tuesday, Dec. 27, 2022, after China announced it would relax more of its pandemic restrictions despite widespread outbreaks of COVID-19 that are straining its medical systems and disrupting business, Elaine Kurtenbach reported for the Associated Press (AP).

Photo Insert: The Dow Jones Industrial Average rose 0.5%, while the tech-heavy Nasdaq edged 0.2% higher. The Russell 2000 index picked up 0.4%.

Germany’s DAX gained 0.7% to 14,032.67 and the CAC 40 in Paris was up 0.9% at 6,564.29. Markets in London were closed for a holiday.

Oil prices also advanced. The futures for the Dow Jones Industrial Average and the S&P 500 were 0.6% higher. On Friday, the S&P 500 closed 0.6% higher. It is down 19.3% for the year, just on the cusp of a bear market.

The Dow Jones Industrial Average rose 0.5%, while the tech-heavy Nasdaq edged 0.2% higher. The Russell 2000 index picked up 0.4%.

The Shanghai Composite index jumped 1% to 3,096.57. Hong Kong’s markets were closed for a holiday, as were those in Australia. Tokyo’s Nikkei 225 added 0.2% to 26,447.87 and the Kospi in Seoul gained 0.7%, to 2,332.79.

In Bangkok, the SET index rose 1% in anticipation that an easing of controls on overseas travel for the Chinese would boost the all-important tourism industry.

In other trading Tuesday, US benchmark crude oil picked up 50 cents to $80.06 per barrel in electronic trading on the New York Mercantile Exchange. It gained $2.07 to $79.56 before markets closed for the long Christmas weekend holiday.

Brent crude oil, the pricing basis for international trading, also added 53 cents to $85.03 per barrel. In currency dealings, the U.S. dollar fell to 133.24 Japanese yen from 132.89 yen late Monday. The euro rose to $1.0659 from $1.0638.

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