Stocks in China rallied on reports of loosening margin controls
It was a mixed finish in Asia today. In China, brokerage stocks rallied on reports that state-backed China Securities Finance Corporation has loosened margin lending controls, which helped overshadow a warning about rising corporate debt from the People's Bank of China (PBOC). By the close, the Shanghai Composite was up 2.2% -- continuing its
recent string of wins -- and back above the 3,000 mark. Elsewhere, Hong Kong's Hang Seng eked out a 0.1% win, while South Korea's Kospi settled with a 0.1% loss. Markets in Japan were closed for holiday.
European stocks are mostly higher at midday, as traders keep a close eye on
seesawing oil prices and a rebounding U.S. dollar. At last check, the German DAX is up 0.5% and London's FTSE 100 is 0.04% higher. The French CAC 40, however, is flirting with a 0.1% loss.
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