RIYADH: Chinese stocks saw gains on Monday as COVID-19 restrictions eased off. The Asian country is set to expand cooperation with Fiji across several fronts. Also, farmers are urged to reap crops in the summers without any hindrances to curb shortages and rallying costs. Meanwhile, Brent crude oil topped $120 as manufacturing operations in the country are anticipated to resume starting June.
· China’s stocks saw an increase on Monday with consumer and travel stocks leading the gains as authorities rolled out policies to ease COVID-19 related restrictions, Reuters reported. While the SCI300 index jumped 0.4 percent to reach 4,018.98 points, the Shanghai Composite Index rose 0.3 percent to reach 3,140.09 points.
· China has reached a deal with Fiji to expand cooperation on a number of fronts, including maintaining social stability as well as national harmony, Reuters reported, citing China’s Foreign Minister Wang Yi. This comes in addition to China’s pledge to work with Pacific Island nations on building a community with a shared future, Reuters reported, citing China’s President Xi.
· Chinese farmers are set to proceed with wheat harvests in the summer without any delays, Bloomberg reported, citing Premier Li Keqiang. This comes as the country aims to fulfill Beijing’s annual food production targets in an attempt to curb food shortages and rallying prices.
· Brent crude oil topped $120 per barrel as China announced resuming manufacturing operations starting June and as the EU revealed plans to ban imports of Russian crude, Bloomberg reported. This comes after the benchmark climbed 6 percent as of last week to reflect its highest close in two months.