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E-Minis Tick Higher On Latest Chinese ZCS Rollback Speculation, USD/CNH Fails To Break Lows

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E-Minis have popped higher in recent trade, as BBG sources noted that “China is working on plans to scrap a system that penalizes airlines for bringing virus cases into the country, a sign authorities are looking for ways to ease the impact of the Covid Zero policy.”

  • The S&P 500 contract has printed a high of 3,750.00 thus far, while USD/CNH ticked lower on the story but failed to breach its existing session low.
  • A reminder that Chinese equities were already well bid on continued speculation/hope surrounding the prospect of China loosening COVID restrictions, domestic tech headline flow and BBG source reports noting that “U.S. audit officials completed their first on-site inspection round of Chinese companies ahead of schedule.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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