Stock markets don't soar 4.3% on the back of middling flash PMI reports. Shanghai's moonshot...

|By:, SA News Editor

Stock markets don't soar 4.3% on the back of middling flash PMI reports. Shanghai's moonshot overnight is likely more to do with institutional investors and state-owned firms (mostly one and the same in China) jumping all at once into a market trading at 2009 levels. With HSBC pushed aside, Ping An insurance gained 8% amid speculation it's boosting its position in equities. Financial shares (CHIX) overall gained 6.7%. FXI +1.8% premarket.