Asian shares rose on Tuesday as U.S. stocks increased overnight before midterm elections and investors clung on to hopes that China would eventually relax its strict pandemic curbs even after the government reaffirmed its commitment to the zero-COVID policy.
"The thing to watch ... will be the U.S. midterms today and the CPI data tomorrow," said Redmond Wong, Saxo Markets' market strategist for Greater China, in a note on Tuesday.
"Markets are expecting the gridlock situation of a divided Congress and moderation in the U.S. CPI. Both are helping the risk-on sentiments." Investors are hoping China will gradually ease its zero-COVID policy and reopen to the world, even after health officials reiterated their commitment to the policy on Saturday at a press conference.on Monday providing the latest sign that the world's second-largest economy is slowing.
"Investors took note that the health officials added that local governments should not unreasonably double down on the implementation and must ensure people’s livelihood and economic activities remain normal," Wong added.shot up 1.33% in early trade, hitting an 8-week high.
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