Asian Stocks Advance as Chinese Shares Rally on Stimulus Bets
Can China Rein In Its Stock Rally?
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Asian stocks climbed, with the regional benchmark index extending a seven-year high, after U.S. equities advanced to records and Chinese stocks surged on bets the government will do more to support growth.
PetroChina Co. and China Petroleum & Chemical Corp., the nation’s biggest energy companies, jumped at least 6.7 percent in Hong Kong amid speculation the government is considering merging state-owned enterprises. HSBC Holdings Plc gained 3.6 percent in Hong Kong after the Sunday Times newspaper reported the lender is considering spinning off its U.K. retail bank. Fortescue Metals Group Ltd. surged 16 percent, the most since September 2012, after iron ore entered a bull market on Friday.