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HomeMarketLuxury stocks rise as China marginally eases some COVID-19 restrictions By Investing.com

Luxury stocks rise as China marginally eases some COVID-19 restrictions By Investing.com

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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

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