As for other news...
U.S. stocks bounced back from Friday’s steep declines, lifted by upbeat earnings news and an announcement of more stimulus from China.
* Dow +208
* S&P +19
* Nasdaq +62
€ European stocks were higher after China cut the cut the reserve-requirement ratio for banks the second time this year.
China's Shanghai Stock index falling back from a 7-year high after Chinese regulators on Friday clamped down on margin trading for equity purchases and increased the supply of shares available for short selling.
Meanwhile, a move from China’s central bank to free up about $200 billion for banks to lend drew investor attention across the globe. The People’s Bank of China on Sunday announced it would cut the reserve requirement by one percentage point, its second reduction in less than a quarter and the biggest since December 2008.
Wednesday, China April HSBC flash manufacturing PMI, expected -0.2 to 49.4 after March's 1.1 to 49.6.
Hang Seng index plummeted 2%, widening losses throughout the day to post the bourse's biggest loss in four months.
Benchmark West Texas Intermediate oil ended higher ($56.38, +1.2%) after data showing a partial draw in stockpiles at the delivery point for U.S. crude helped steady a market weighed earlier by near record highs in Saudi production. Also, China’s news helped oil extend its gains from last week, as investors bet that the lower bank reserves would free up funds for loans and buoy economic growth.
Gold prices slid after European Central Bank President Mario Draghi reaffirmed that debt-laden Greece won’t be forced out of the eurozone.
FCPO closed higher after strong gain from China Dalian Futures. Higher CBT Soyoil, higher crude mineral oil and positive 1-20 April exports added support. However, higher production in the coming months capped gain. Market expected move in sideway.
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