Shanghai lifted the blockade, CPI of the euro area, EU Summit – Market story on May 30

Shanghai lifted the blockade, CPI of the euro area, EU Summit – Market story on May 30

 

Trade was quiet on world markets due to the Memorial Holiday in the United States, but Chinese and European stocks edged higher after Shanghai announced the lifting of lockdown measures. 


Eurozone inflation looks set to beat expectations in May, but the ECB's chief economist ruled out a half-point rate hike in July. EU leaders are expected to met then and are struggling to overcome Hungarian opposition to a proposal to ban Russian oil imports from the end of the year. 


And the weakness of the UK economy is evident in the housing market. Here's what you need to know about the financial markets on Monday, May 30.

1. China reopens

Shanghai announced that public transport services will reopen from June 1.




The city government also said restrictions on personal cars would be lifted and movement in and out of housing communities would also be allowed from that date - with the exception of residential complexes in medium and high risk areas and other designated control areas.


Restrictions on China's most important economic hub have been in place for more than two months and have caused a sharp drop in local economic output and new global supply chain problems.


Authorities in the capital Beijing said the COVID-19 outbreak there was also under control, after the number of cases gradually declined.



The main Chinese stock indexes rose as much as 1.0% on the news, while European indexes rose slightly less.

2. EU struggles to save Russia's oil embargo

The proposed EU embargo on Russian oil imports is far from a reality.



A weekend of negotiations ahead of a two-day summit that began late on Monday failed to overcome Hungary's opposition to a proposal to ban imports of raw and refined products that would go into effect. at the end of the year, despite including a temporary waiver of oil traffic through the southern branch of the Druzhba, supplying Hungary, Slovakia and Czechia.


According to Reuters, EU leaders will also sign a $10 billion financial support package for Ukraine to keep the government functioning and discuss ways to help Ukraine's grain exports to the world market. gender .

Meanwhile, on the battlefield, Russia continues to make steady progress in its efforts to capture the remaining vacant lands of eastern Ukraine. Ukrainian authorities confirmed that street fighting in the city of Sieverodonetsk, the largest city in the Luhansk region, is still under government control.


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