China Growth Stocks

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Stocks across the globe are higher after China did not announce an interest rate hike over the weekend, as many market participants had expected, and said that despite rising inflation they would maintain a strong growth policy. The Shanghai Composite soared 2.9% as telecom led the way with a gain of 9.3%. Other sectors showing strength were energy, materials, consumer discretionary, and industrials, all of which gained at least 3.3%. PetroChina (PTR) and China Petroleum (SNP) buoyed the energy sector posting gains of 4.4% and 3.0% respectively. Hong Kong's Hang Seng saw a more muted response, but still added 0.7% on strength in energy (+1.5%) and materials (+1.1%). Japan's Nikkei gained 0.8% led by solid gains in energy (+2.4%), materials (+1.2%), and financials (+1.2%).