Wynn Resorts (NASDAQ:WYNN) shares jumped Tuesday after Wells Fargo upgraded the casino stock to overweight from equal weight on Macau reopening optimism.
China-based stocks surged on Tuesday as a new study suggested that infections may be at their peak.
According to the South China Morning Post , the study published by researchers from Ruijin Hospital and Shanghai Jiao Tong University point to easing infection rates across urban areas. Specifically, Beijing, Shanghai and Chongqing are said to have seen the worst of the post-COVID Zero outbreaks.
The report comes just ahead of plans to drop quarantine requirements for international arrivals on January 8. Rural cities are still expected to see high infection rates in coming weeks due to slower rates of infection as compared to urban areas.
Still, the sign of positive pandemic trends for the nation’s most densely-populated areas pushed up major Chinese indices.
In the latest move, regulators said that quarantine requirements for international arrivals will be discontinued from January 8. Previously, arrivals were subject to a 5-day hotel quarantine and additional days of self-isolation. Under the new guidelines, only a negative COVID test within two days of flights to the nation will be required.
Chinese regulators also recently indicated that they will discontinue reporting COVID deaths and cases moving forward.
Wynn shares climbed $2.70, or 3.3% to $84.88.
