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☆ Gold gains on dollar weakness as China relaxes COVID curbs
▼ + stars: | 2022-12-27 | by ( Arundhati Sarkar | ) www.reuters.com time to read: +2 min

Spot gold rose 0.6% to $1,809.20 per ounce by 1136 GMT. A weaker dollar also makes the greenback-denominated bullion less expensive for other currency holders. "Gold was weaker for most of 2022 amid aggressive tightening of monetary policies, rising real yields and dollar strength. "Sustained recovery in gold prices is possible if Fed pivots." In other metals, spot silver rose 1.6% to $24.09 per ounce, platinum gained 0.4% to $1,025.32, while palladium jumped 1.9% to $1,797.00.

☆ US stocks trade mixed as Santa Claus rally remains elusive despite China's further reopening
▼ + stars: | 2022-12-27 | by ( Jason Ma | ) www.businessinsider.com time to read: +1 min

US stocks finished mixed to begin the final week of trading for 2022 as the so-called Santa Claus rally failed to materialize. The weakness came despite fresh signs that China is further shedding its zero-COVID policies. Tesla stock fell as the EV maker extended the slowdown of its Shanghai factory through January, according to Reuters. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The weakness came despite fresh signs that China is further shedding its zero-COVID policies.

☆ Indian shares rise as China further eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

The Nifty 50 index (.NSEI) was up 0.46% at 18,097.45, as of 09:17 a.m. IST, and the S&P BSE Sensex (.BSESN) rose 0.47% to 60,850.63. Capping the gains in domestic equities are oil prices, which rose in thin trade on fears of supply disruption due to winter storms across the United States. Brent crude <LCOc1) rose above $84 per barrel while Nymex crude jumped above $80 per barrel. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill. ($1 = 82.6500 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Oil hits three-week high as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A weaker dollar makes oil cheaper for holders of other currencies and tends to support risk assets. Oil also drew support from worries over supply disruption because of winter storms in the United States, said Kazuhiko Saito, chief analyst at Fujitomi Securities. "But the U.S. weather is forecast to improve this week, which means the rally may not last too long," he said. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

☆ Most Gulf markets rise as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

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 as it has become less virulent and will gradually evolve into a common respiratory infection. The announcement buoyed other Asian markets as well, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 0.53%. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.4% rise in Al Rajhi Bank (1120.SE) and a 1.1% gain in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) added 0.1%, helped by a 0.4% rise in top lender Emirates NBD (ENBD.DU).

☆ China to step up financial support to COVID-hit catering, tourism sectors
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 27 (Reuters) - China will step up financial support to small and private businesses in the catering and tourism sectors that were hit hard by the COVID-19 epidemic, the country's banking and insurance regulator said in a statement on Tuesday. Contact-intensive services sector suffered the most amid China's anti-virus curbs which shut many restaurants down and restricted tourists' travels. "The recovery and expansion of consumption will be a priority," China Banking and Insurance Regulatory Commission (CBIRC) said in the statement. China will also step up financial support for private investment and private enterprises, the regulator added. Amid protracted weakness in the property sector, the CBIRC pledged to satisfy reasonable financing needs and to improve leading developers' balance sheets.

☆ Dollar retreats as risk appetite improves; Australia, NZ currencies rise
▼ + stars: | 2022-12-27 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

China will stop requiring inbound travellers to go into quarantine on arrival starting Jan. 8, the National Health Commission said on Monday, even as COVID cases spike. At the same time, Beijing downgraded the regulations for managing COVID cases to the less strict Category B from the top-level Category A. "There seems to be no let-up in the pace of relaxing COVID restrictions despite the surge in COVID cases in the mainland," said Christopher Wong, a currency strategist at OCBC. "It's worth remembering that the dollar rose in each of the past four years in January. "While ... (the) policy tweak has added uncertainty to the BOJ outlook, we continue to lean toward BOJ policymakers making no further policy adjustments through the end of 2023," said analysts at Wells Fargo.

☆ Oil steady as U.S. output ramps up after freeze, China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were steady after hitting a three-week high on Tuesday as restarts at some U.S. energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its COVID-19 restrictions. The cold also cut oil and gas production from North Dakota to Texas. Russian President Vladimir Putin on Tuesday also signed a decree that bans the supply of oil and oil products to nations participating in the price cap from Feb. 1 for five months. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

Airlines are drawing up plans to expand their services but ordinary Chinese and travel agencies suggest that a return to anything like normal will take some time. But an immediate surge in international travel is not widely expected. According to VariFlight data, international flights to and from China are at 8% of pre-pandemic levels. Weighing on many people's travel plans is the wave of COVID-19 infections now sweeping China, Liu said. One of the fastest bouncebacks is expected to be in international business travel.

[1/3] Travellers stand by their luggage at Beijing Capital International Airport, amid the coronavirus disease (COVID-19) outbreak in Beijing, China December 27, 2022. International health experts estimate millions of daily infections and predict at least one million COVID deaths in China next year. Data from travel platform Ctrip showed that within half an hour of the news, searches for popular cross-border destinations on had increased 10-fold. "International travel ... will likely to surge, yet it may take many more months before volumes return to the pre-pandemic level," said Dan Wang, Chief Economist, Hang Seng Bank China. "COVID is still spreading in most parts of China, greatly disrupting the normal work schedule.

☆ Gulf markets rise on China optimism, Saudi leads
▼ + stars: | 2022-12-27 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. Saudi Arabia's benchmark index (.TASI) gained 1.3%, led by a 1.8% rise in Al Rajhi Bank (1120.SE) and a 1.9% increase in oil giant Saudi Aramco (2222.SE). The Saudi stock market rose today while oil markets' prospects improved with China opening up, said Fadi Reyad, chief market analyst at CAPEX.com. "However, the main index remains near its lowest levels this year and could be at risk of other price corrections." According to Reyad, the Qatari index continued to decline under the weight of the natural gas market's performance.

Industrial profits fell 3.6% in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. Industrial profits could fall further in December with many cities facing a surge in COVID infections, said Hao Zhou, chief economist at GTJAI. For January-November, profits at private-sector firms shrank 7.9%, a slight improvement from the 8.1% fall in the first 10 months. China's economic growth was just 3% in the first three quarters of this year and is expected to stay around that rate for the full year, one of its worst years in almost half a century. Industrial profit data covers large firms with annual revenues above 20 million yuan from their main operations.

☆ Southwest Airlines says travellers stranded by holiday meltdown can't rebook until December 31st
▼ + stars: | 2022-12-27 | by ( Asia Martin | ) www.businessinsider.com time to read: +1 min

Southwest Airlines won't rebook any more flights until next year. Southwest was impacted by Winter Storm Elliott. Stranded Southwest customers can't rebook their flights until after December 31, according to a Southwest Airlines official who spoke to the press at Hobby International Airport on Monday. Southwest Airlines canceled nearly 3,000 flights following Winter Storm Elliott — the highest count by far among airlines, according to FlightAware. The fallout stranded travelers across the country over the weekend as airlines could not rebook customers quickly because of the nationwide impact of the storm.

☆ China Jan-Nov industrial profit data shows deepening slump
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

Industrial profits fell 3.6% in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. Business confidence in China has fallen to its lowest level since January 2013, a survey showed last week, reflecting the impact of surging COVID cases on economic activity. At this year's closed-door Central Economic Work Conference, top leaders and policymakers pledged to step up policy adjustments to support the slowing economy. Industrial profit data covers large firms with annual revenues above 20 million yuan from their main operations. ($1 = 6.9601 Chinese yuan renminbi)Reporting by Joe Cash and Ellen Zhang; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ China to scrap COVID quarantine rule for inbound travellers
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 26 (Reuters) - China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday in a major step towards easing curbs on its borders, which have been largely shut since 2020. Strict requirements on inbound travellers had remained in place, including five days of mandatory quarantine at a government-supervised facility and three more of isolation at home. That restriction and one on the number of passengers on international flights will be removed from Jan. 8. Travellers entering China will still have to undergo PCR testing 48 hours before departure, however, the health authority said. Reporting by Ryan Woo, Ethan Wang, Eduardo Baptista and Brenda Goh; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong announces planned border re-opening with China as omicron surges at Christmas
▼ + stars: | 2022-12-24 | by ( ) www.cnbc.com time to read: +1 min

Customers at a bar in the Lan Kwai Fong area in Hong Kong, China, on Thursday, Dec. 22, 2022. At present, individuals hoping to enter the mainland through Hong Kong can only do so through the city's airport or two checkpoints - Shenzhen Bay or the Hong Kong-Zhuhai-Macau bridge. Hong Kong and Beijing shut their borders in early 2020 as Covid first surfaced and they have remained closed since then, as China has capped inbound travellers as part of its strict "zero-Covid" policy. Beijing loosened China's domestic zero-Covid restrictions earlier this month, dropping mandatory testing requirements and travel restrictions. While many have welcomed the easing, families and the health system were unprepared for the resulting surge of infections.

☆ Hong Kong aims for mid-January reopening of border with mainland China
▼ + stars: | 2022-12-24 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 24 (Reuters) - Hong Kong will reopen its borders with mainland China by mid-January, city Chief Executive John Lee said on Saturday, as Beijing accelerates the unwinding of stringent COVID-19 rules that have battered economic growth. Hong Kong authorities will work with the governments of neighbouring Shenzhen city and Guangdong province to manage the flow of people crossing the border, Lee said. The reopening was postponed several times due to outbreaks in Hong Kong or the mainland. Hong Kong and China have lagged most of the world in easing stringent COVID rules. International passengers arriving in Hong Kong since mid-month are no longer subject to COVID-related movement controls or barred from certain venues.

☆ Air travellers warned of delays as UK passport control staff strike
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

[1/5] Members of the Public and Commercial Services (PCS) Union take part in a border force workers strike action near Heathrow Airport, in London, Britain December 23, 2022. The Public and Commercial Services Union said more than 1,000 Border Force staff, who are employed by the government, were expecting to strike. The union said its Border Force members had been offered a 2% pay rise, far below inflation that stood at 10.7% in November. "Immigration halls are free flowing ...with Border Force and the military contingency providing a good service," a spokesperson said. Gatwick, Britain's second busiest, said passengers should expect longer wait times at passport control between Friday and the end of the year.

☆ Oil climbs on expected drop in Russian exports, offsets U.S. storm impact
▼ + stars: | 2022-12-23 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

On Thursday, oil prices on both sides of the Atlantic settled lower as flights were scrapped. However, heating oil demand could be boosted as the extreme weather is expected to cause power outages. Brent and WTI are on track to post a second weekly gain, supported by expectations of an eventual rebound in oil demand at the world's No. However, surging COVID-19 cases in the mainland, concerns about further rate hikes globally and recession curbing fuel consumption limited oil price gains. "The oil market's biggest wildcard is China and optimism is still strong that the reopening will continue and eventually lead to more demand," Moya said.

☆ Macau to drop COVID tests for arriving passengers
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Dec 22 (Reuters) - International arrivals to Macau, including from Hong Kong and Taiwan, will no longer need to undergo a nucleic acid test after landing and will be able to move freely, the government said on Thursday, the biggest steps yet to relax stringent COVID measures. However, travellers from overseas will still be required to present a negative nucleic acid test certificate for entry, the government said. Earlier this week, Macau cancelled its regulations on risk zones in mainland China. Visitor arrivals to the world's biggest gambling hub dropped by 36.8% on the month and 54.3% year-on-year to 366,511 in November, according to the Macau Statistics Bureau. Reporting by Twinnie Siu, Meg Shen and Farah Master; Editing by Toby Chopra, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Casinos in Macau, the Vegas of the East, have managed to renew crucial gaming licenses. But there's a hefty catch — they need to pump in $15 billion into non-gaming sectors.
▼ + stars: | 2022-12-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Macau's six casino operators pledged to invest nearly $15 billion in non-gaming sectors. In return for the investments, Macau's government has renewed their gaming licenses. Gaming licenses for the six major casino operators had expired back in June, throwing into question Macau's future as a gambling hub. The new 10-year gaming licenses come into effect on January 1, 2023. Among the six gaming companies, Sands China has committed to spending the most in non-gaming projects — about 27.8 billion patacas, or $3.5 billion.

[1/4] People wait in line at a coronavirus disease (COVID-19) test centre in Xinyang, China, this still image obtained from social media video released December 15, 2022. China reported 2,157 new symptomatic COVID-19 infections for Dec. 15 compared with 2,000 a day. There is particular concern about China's hinterland in the run up to China's Lunar New Year holiday starting on Jan. 22. The COVID scare in China also led people in Hong Kong, Macau and in some neighbourhoods in Australia to go in search for fever medicines and test kits for family and friends on the mainland. JP Morgan on Friday revised down its expectations for China's 2022 growth to 2.8%, which is well below China's official target of 5.5% and would mark one of China's worst performances in almost half a century.

☆ India boosts facilities at Delhi airport to ease year-end travel congestion
▼ + stars: | 2022-12-15 | by ( Tanvi Mehta | ) www.reuters.com time to read: +2 min

Passengers queued for hours to pass through check-in and security at the main domestic and international terminal of Indira Gandhi International Airport in Delhi, leading to some flight delays. "In the last 24 to 36 hours, all agencies have swung into action to mitigate congestion at every checkpoint at all major airports. Congestion at entry points and check-in counters at T3 has eased," Scindia said in a post on LinkedIn. Like in other countries, air travel in India has picked up as COVID-19 restrictions have eased. The congestion at Delhi airport prompted India's biggest airline IndiGo (INGL.NS) to ask passengers to arrive at Delhi airport for check-in at least 3-1/2 hours before their flight, instead of the usual two hours.

☆ As Hong Kong opens up, visitors can enter a gym or restaurant immediately
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

[1/5] Travellers arrive at Hong Kong International Airport after the lifting of coronavirus disease (COVID-19) movement controls in Hong Kong, China December 14, 2022. Arriving people now have no movement restrictions but they need to do a PCR COVID test on arrival and again two days after arriving. In another loosening measure, the government announced late on Tuesday that travellers arriving in Hong Kong are free to continue directly to mainland China or Macau as long as they meet the required criteria. Under previous COVID-19 rules, travellers had to wait three days in the city before continuing to the mainland. The move comes after China jettisoned some of the world's toughest restrictions meant to prevent the spread of the coronavirus.

☆ China Unicom to delete users' mobile travel data in COVID-hit areas
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Dec 12 (Reuters) - Chinese state-owned telecom giant China Unicom (0762.HK) said on Monday it will delete users' mobile itinerary data previously used to identify travellers in COVID-stricken areas from Dec. 13. The statement comes as China announced the shutdown of the state-mandated mobile app tracking travellers in COVID-hit regions from the same date. Reporting by Hong Kong newsroom, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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