Chinese Stocks Soar After Reform Announcement

ChinaREUTERS/Kim Kyung-HoonThe Great Hall of the People, where the Chinese Communist Party plenum is being held, is seen behinds red flags in Tiananmen square in Beijing November 12, 2013.

Markets are drifting a little lower in the US and Europe.

And the Nikkei fell slightly.

The big story of the day so far is the big rally in China. The Shanghai Composite gained 2.9% while Hong Kong’s Hang Seng Index rallied 2.7%.

These gains came after China released the reform decisions made after the “Third Plenum” late Friday. The reforms included social changes (an end to forced labour camps and a loosening of the one-child policy) as well as economic reforms.

Otherwise, today is a slow day with little big economic news expected to come out.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.