© Reuters By Scott Kanowsky
Investing.com — Shares in European luxury firms moved higher after China said that it will slightly relax some of its COVID-19 rules for overseas travelers and close contacts to infected cases.
Companies known for their high-end brands popular with Chinese shoppers, including Burberry Group PLC (LON:), Kering SA (EPA:), LVMH Moët Hennessy Louis Vuitton SE (EPA:), and Hermes International SCA (EPA:), saw their stock prices are all in the green in the wake of the announcement.
Meanwhile, Switzerland’s Compagnie Financière Richemont S.A. (SIX:), which also posted better-than-expected sales and profit in its latest despite COVID-induced sluggishness in Chinese demand on Friday, was trading near the top of the pan-European .
The move by Beijing marks the first easing of China’s ongoing zero-COVID strategy since President Xi Jinping was reaffirmed as party leader for a third term last month.
Under the new policy, passengers arriving in the country, as well as people who have been in close contact with a COVID case, will have their mandatory quarantines shortened by two days.
Story Credit: investing.com