China's Shanghai Composite jumped, as dreary economic data stoked optimism over additional stimulus measures
China's Shanghai Composite stole the show in Asia today, with the benchmark rallying 4.9% -- its biggest single-session pop in more than a month, and
its second straight day of lofty gains -- after dreary data on exports and producer prices ramped up hope for additional stimulus measures. In addition to fresh rate-cut speculation, reports are circulating the government could restructure state-owned enterprises. Elsewhere, Japan's Nikkei tacked on 0.4%, thanks to a cooling yen. Not all of the day's action was bullish, though, with South Korea's Kospi shedding 0.4%, and Hong Kong's Hang Seng losing 0.1%.
European markets are mostly higher at midday, as traders weigh China's uninspiring economic data against reports that a multi-billion-dollar bailout agreement for Greece could be reached by Tuesday morning. At last check, the German DAX and the French CAC 40 were flirting with 0.4% gains. London's FTSE 100, however, is down 0.8%, pressured by weakness in mining stocks.
