It's up 3.5% which for a major equity index is eye-catching. Think 1350 points on the Dow Joneses. I attribute the move to our posting the Bloomberg story "Wall Street snubs China for India in historic markets shift ". Kidding but it is uncanny how many ways the market can make one humble, fast.
Back to Bloomberg, this time via Yahoo Finance, February 6:
China Stock Rally Quickens as Policy Support Grows: Markets Wrap
A rally in Chinese shares accelerated after authorities intensified rescue efforts, defying broader weakness in Asia as hopes ebbed for a swift Federal Reserve pivot toward policy easing.
A key gauge of Chinese firms listed in Hong Kong jumped 4.3%, while the mainland benchmark of CSI 300 rose 3%. The gains came after Beijing took more steps to stem a stock rout, including widening trading curbs on certain investors and a pledge by the sovereign wealth fund to further increase holdings of exchange-traded funds.
News that regulators plan to brief President Xi Jinping on markets as soon as Tuesday also fueled optimism about more concerted efforts to boost stocks. The offshore yuan rose.
“Right now the market is looking for clearer signals on the economic recovery,” Marcella Chow, global market strategist for JPMorgan Asset Management, said on Bloomberg Television regarding China. “Expectations remain quite low — markets and investors are still grappling with the weak economic recovery.”
Elsewhere in Asia, equities declined in Japan, Australia and South Korea. Futures contracts for the S&P 500 were steady while those for the Nasdaq 100 edged higher after declines for both benchmarks Monday.
European stock futures showed modest gains. UBS Group AG said it will resume share buybacks this year, vowing to hand as much as $1 billion to shareholders in the second half....
....MUCH MORE
Related, Sunday evening: "China Academic Calls for $1.4 Trillion Stock Stabilization Fund"
