Stocks in Shanghai rallied as traders got a chance to respond to the PBOC's latest stimulus effort
Stocks in China notched big gains today, as traders followed Wall Street's bullish Wednesday lead. Enthusiasm over the People's Bank of China's (PBOC) latest stimulus efforts, along with expectations for a delayed interest rate hike by the U.S. Fed, contributed to the upbeat mood. On the mainland, recently beaten-down banking and energy stocks were among the top advancers. Elsewhere, exporters once again led the charge higher in Japan, while Seoul-listed securities extended the previous session's heady gains. By the close, China's Shanghai Composite surged 5.3%, Hong Kong's Hang Seng rose 3.6%, Japan's Nikkei climbed 1.1%, and South Korea's Kospi tacked on 0.7%.
European markets are also pointed higher at midday, bolstered by a report showing French business confidence at a four-year high. Meanwhile, an early rebound in crude prices is pushing resource stocks higher. At last look, London's FTSE 100 is up 2.4%, the French CAC 40 has jumped 2.8%, and the German DAX is nearly 3% higher.
