Breaking News
Dec 29, 2022
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On Wednesday more than half the passengers on two flights to Milan from China tested Covid positive, forcing Italian authorities to test all China arrivals from Thursday.
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China plans to end mandatory quarantine for international passengers from January 8 and allow Chinese citizens to travel abroad soon.
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Tesla dropped to a one-year low on the ongoing demand weakness in China.
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Tech stocks led decliners and the Nasdaq Composite index fell 1.4% and the S&P 500 index dropped 0.4% at close after the yield on U.S. Treasury notes rose 10 basis points to 3.84%.
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European markets closed at one-month highs after resource and luxury stocks led gainers on optimism of reopening of China.
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Ahead of Chinese Lunar Year, health agencies braced for a surge in Covid infections in the countryside and at least 250 million people are expected to begin traveling in two weeks.
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Coast-to-coast storm brought bitter cold to 200 million people in the U.S. At least 1,500 flights were canceled by Saturday morning following 6,000 cancellations and 11,000 flight delays on Friday.
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The Nikkei index in Tokyo dropped 1% and extended weekly losses to 4.7% after core inflation rose to a new 4-decade high of 3.7% in November.
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The personal consumption expenditure price index rose 5.5% in November slower than 6.1% in October, the slowest pace of increase since Oct 2021. Food prices increased 11.2% and energy rose 13.6%.
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The omnibus $1.7 trillion dollar bill with record $858 billion in defense spending was approved by the House and the bill is expected to be signed by President Biden.
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