Asia markets rise as China says it will end quarantine for inbound travelers

SHANGHAI, CHINA – JUNE 08: Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China. (Photo by Zhang Zhuoming/VCG via Getty Images)

Vcg | Visual China Group | Getty Images

Stocks in Asia rose as China officially announced overnight it will end quarantine for inbound travelers on Jan. 8 — symbolizing an end to its zero-Covid policy that it’s held for nearly three years. The nation also downgraded Covid to a less strict Category B, health authorities said, from its current top-level Category A.

The Nikkei 225 in Japan rose 0.52% and the Topix gained 0.63%, while the Kospi in South Korea gained 0.66% and the Kosdaq climbed 1.03%.

Japan’s November unemployment rate was in line with expectations at 2.5% and its jobs-to-applicants ratio for the month was 1.35, slightly missing estimates from analysts polled by Reuters. China is scheduled to release its industrial profit data for November later in the day.

In the U.S., Wall Street ended last week with some gains for the S&P and Nasdaq Composite while posting a weekly loss as recession fears continued to batter investor sentiment. The core personal consumption expenditures price index for November came in at 4.7%, slightly hotter than expectations on an annualized basis.

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