Key News
Asian equity markets had a positive day on light volumes following a good day Monday for the small number of markets that were open (China, Taiwan, South Korea, and Japan).
Hong Kong and Australia remain closed today. Inbound visitors to China will no longer be required to quarantine for five days at a government facility, instead it will be three days at home beginning on January 8th according to the National Health Commission. US listed China ADRs are apt to appreciate this morning on the news as zero-COVID policies have weighed on foreign investor sentiment in another confirmation of our Post Party Congress Policy Pivot on the Big Three (US China political relationship and real estate being the other two). The National Health Commission downgraded COVID to a class B disease from A while reiterating the need for the elderly to vaccinate and stockpile drugs.
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