Emerging markets - Philippine stocks hit over 4-year high as Asian stocks rally after strong US jobs data but currencies fall
The Shanghai Composite was up 3.1% in afternoon trade and the blue-chip CSI300 rose 4%, having earlier surged as much as 10.1% and 10.8% respectively. Hong Kong's Hang Seng, catapulted to be the top-performing major market this year aided by blistering gains in recent sessions, slid 7.7%. "It is likely we see markets consolidating and digesting what has already been announced, which arguably is meaningful, but not quite enough to satiate lofty expectations."
In Hong Kong, however, mainland property developers fell 11%, which if sustained would make for one of its largest percentage declines in years, though analysts said technical reasons were probably behind the selling.