Stocks in China gained big today on expectations for additional stimulus measures from the People's Bank of China (PBOC)
China led the rally in Asia today, driven by upbeat comments from a high-ranking People's Bank of China (PBOC) official. Deputy Governor Yi Gang was quoted by state media saying the stock market's correction was "almost over" -- and the PBOC's newly announced expansion of its bank lending plan raised hopes for
additional stimulus as the government convenes to hash out its newest five-year plan. By the close, China's Shanghai Composite surged 3.3%, Hong Kong's Hang Seng jumped 1.2%, and South Korea's Kospi edged up 0.1%. Markets in Japan are closed for holiday.
On the other hand, European stocks are on shaky ground at midday, with investors playing it safe on the heels of
last week's rally. However, positive stress test results for a pair of German energy majors has pushed Frankfurt's main bourse north of breakeven. At last check, the German DAX is up 0.2%, France's CAC 40 is off 0.5%, and London's FTSE 100 is 0.6% lower.
