RIYADH: Iron ore surges to its biggest gain in 13 weeks. In addition to this, Chinese stocks surged amid easing COVID-19 restrictions.
· Iron ore topped above $140 per ton, up from $130 per ton in May, reflecting the biggest gain in 13 weeks on hopes that easing Chinese COVID-19 restrictions will boost demand once again. In addition to this, inventories dropped to an eight-month low, Bloomberg reported, citing Steelhome data.
· Chinese stocks rose on Monday amid easing COVID-19 restrictions and limitations, Reuters reported. While the CSI300 index surged 1.5 percent on Monday to reach 4,152.24 points, the Shanghai Composite index rose 1.1 percent to reach 3,228.93 points.
· Chinese regulators are set to proceed with investigations regarding Chinese mobility platform Didi Global Inc. in an attempt to restore the platform’s main apps in mobile stores no later than this week, Bloomberg reported. The firm is expected to face a financial penalty in addition to transferring 1 percent of its shares to the state.
