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Russian Missiles Strike Ukraine Shopping Mall

China relaxes Covid measures, a Russian missile kills at least 18 and stocks face earnings downgrades.

One of the big drags on global growth has been China's Covid Zero policy. Signs this morning that there some relaxation of those measures has been welcomed by investors. The country announced that it is cutting in half the amount of time visitors will have to spend in quarantine on arrival. Separately, President Xi Jinping will leave the mainland for the first time since January 2020 this week when he visits Hong Kong. Markets have reacted very positively to the signs of an easing of some of the draconian measures, with the CSI 300 closing 1% higher. US futures also rose and industrial metals such as copper gained.