This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Deal: Asian Stocks Soar on China's Economic Reforms

Stocks in this article: SNY LYG

LONDON (The Deal) -- Asian stocks soared and European stock indices moved higher after the Chinese government late last week announced economic reforms seen as likely to spur growth and help reign in public debt.

China's Communist Party, after an economic meeting that ended earlier in the week, on Friday specified a list of reforms including an easing of the country's one-child policy, improved land rights for farmers and measures to contain rising debt levels among regional authorities. The communique  filled out some of the detail missing from a turgid statement of intent released on Tuesday and sent Chinese indices surging.

In Hong, Kong the Hang Seng closed up 2.73% at 23,660.06. The Shanghai Shenzhen CSI 300 gained 3.33% to  2,428.90. In China, insurers, banks, energy companies and consumer businesses were among the main gainers.
In Tokyo, the Nikkei was virtually unchanged at 15,164,30. Sony (SNE) edged up 0.9% after news of strong sales on the launch of its Play Station 4 in North America was tempered by a company announcement that some customers were having "issues" with the consoles.

In the U.K. the FTSE was up 0.17% at 6,705.00.  Aberdeen Asset Management surged 13% on confirmation that it had beaten Macquarie Bank in the bidding for Lloyds Banking Group (LYG) fund manager Scottish Widows Investment Partnership.  It will pay up to $1.1 billion, including a near-10% stake in itself, and a performance-related cash component for the business, and enter a strategic partnership with Lloyds, Britain's No. 1 retail lender.

In Frankfurt, the DAX rose 0.42% to 9,207.33 and in Paris the CAC 40 gained 0.43% to 4,310.48.

France's Korian fell about 4% on news of its 1.1 billion euros ($1.5 billion) purchase of care-homes peer Medica, while shares in the junior merger partner rose a similar amount.

The eurozone September current account surplus unexpectedly narrowed to 13.7 billion euros from 19.7 billion euros in August, the European Central Bank said. 

The European Union's statistics agency said the euro area's trade surplus in September was 13.1 billion euros, up from 6.9 billion euros the month before.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs