China stocks soar, recover from virus losses

Shares in Shanghai closed up 2.3% overnight, recouping all their losses from a record $720B selloff earlier this month as local markets reopened following an extended Lunar New Year break.
Confidence is improving after policymakers acted to ease the economic fallout from the coronavirus outbreak by ramping up the stimulus.
The PBOC cut interest rates on its medium-term lending, paving the way for a reduction in the country's benchmark loan prime rate, which will be announced on Thursday.
Beijing will also allow local governments to sell another 848B yuan ($121B) of debt before March, and said it will enact "targeted and phased" stimulus measures, including lower corporate taxes and releasing more funds for provincial authorities.
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