U.S. markets make a tepid return to trade as the China re-opening rally stutters. The S&P500 is now on course for its seventh-worst year ever. As Beijing unwinds its zero-Covid restrictions, the Hang Seng outperforms in Asia. Hong Kong is reportedly set scrap its Covid testing and vaccine mandate rules for international travellers. Russia has vowed to ban oil sales to any country abiding by the West’s $60 barrel price cap. And in auto news, Tesla is forced to pause production at its Shanghai plant causing shares to fall by more than 10 per cent – their worst performance by month, quarter and year to date.

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