© Reuters
By Daniel Shvartsman
Investing.com – European markets traded higher to kick off a holiday-shortened last week to 2022, as optimism over China’s reopening from Covid restrictions offered support.
At 05:25 ET (10:25 GMT), the was up 0.6%, the was up .9%, and the was up 0.8%. The and the each traded up .4%.
The big global news came out of China, as officials announced that quarantine requirements for inbound travelers to the country will be dropped on January 8th. The China reopening theme may be the excuse to nudge markets higher. Asian markets closed higher on the day, with the rising 0.16% and the closing up 1%.
The was also up 0.27%, as the dipped 0.3%, a potential sign of a risk-on Santa rally to close the year.
Befitting the holiday schedule, there is not much on the economic calendar today, with highlights including the , , and .
Luxury-related names that might benefit from the return of the Chinese traveler headlined Euro Stoxx 50 movers. LVMH Moët Hennessy Louis Vuitton SE (EPA:) was up 2.1%, while Hermes International SCA (EPA:) and Kering SA (EPA:) were each up 1.8%. Airbus Group SE (EPA:) (+1.2%), TotalEnergies SE (EPA:) (+1.2%), Eni SpA (BIT:) (+1.1%), and BASF SE (ETR:) (+1.6%) were among other European gainers. Very few major European stocks were down, with Grifols SA (BME:) being the most notable decliner, down 2.25%.
In commodity markets, reversed a slow start to jump up 1.1% and rose the same amount. continued its strong year-end momentum, trading 0.67% higher.
U.S. futures seem poised to ride the same tailwind, with and each up .75%.
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(This article was originally posted at 2:50 ET, updated throughout the day).