Markets rebounded on glimmers of hope that China may be about to reopen after strict anti-Covid restrictions.
Information “Reopening Committee” was established by Mr. Wang Huning – A standing member of the Politburo of China. This committee is reviewing Covid data around the world and assessing reopening scenarios, aiming to relax anti-Covid regulations by March 2023.
Both Hong Kong and China stock markets surged after the news. However, a spokesman for the Chinese Foreign Ministry said that he was not aware of this information. Therefore, official information needs to be verified.
The Fed kicked off its regular monetary policy meeting on Tuesday, with the expected outcome of a 0.75 percentage point rate hike decision made early Wednesday afternoon Washington DC time. Thursday morning Vietnam time.
In the third quarter, businesses in the US struggled with high inflation, rising interest rates, and a stronger dollar, but overall financial reports were not as bad as expected.