European shares rise on China reopening, rate hike optimism

BERLIN, Jan 9 — European shares rose today, extending the year’s upbeat start to a second week, as China reopened its borders overnight and US and European data soothed nerves about aggressive tightening by major global central banks.

It plays into the rhetoric that’s been going on over the past week, which seems to suggest that maybe the recession in Europe is not going to be as deep and long-lasting as might have initially been thought, said Danni Hewson, financial analyst at AJ Bell. Travellers streamed into China by air, land and sea on Sunday, as Beijing opened borders that have been all but shut since the start of the Covid-19 pandemic.

Investors were nervous following a media report that the British government plans to scale back energy subsidies for businesses, said Hewson.

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