LONDON — Stocks in China and Hong Kong outperformed Monday after authorities promised financial reforms. Markets elsewhere were solid after the Dow closed at a record high but kept in check by ongoing concerns over Ukraine.
China's Shanghai Composite jumped 2.1 percent to 2,052.87 after the Cabinet promised in an announcement late Friday to allow local governments to issue bonds and to streamline the approval process for initial public stock offerings. It gave no details, but the news also boosted Hong Kong's market with the Hang Seng up 1.8 percent to 22,261.61.
Elsewhere, markets were more as tensions between the West and Russia over the future of Ukraine continue to provide a negative backdrop for investment sentiment.
The latest market jitters have centered on referendums in the eastern part of Ukraine where the majority of voters allegedly said they backed sovereignty for their regions. Though the Kremlin made it clear Monday that it has no intention to try to annex Ukraine's eastern provinces, investors think there's still a long way to go before the crisis abates.
"Tensions in Ukraine have not gone away," said Chris Beauchamp, market analyst at IG.
In Europe, France's CAC-40 was up 0.2 percent at 4,484 while Germany's DAX added 1 percent to 9,673. Britain's FTSE 100 rose 0.4 percent to 6,840.
Wall Street was poised for a solid opening with Dow futures up 0.3 percent and the broader S&P 500 futures 0.4 percent higher.
Earlier in Asia, the regional heavyweight, Tokyo's Nikkei 225, shed 0.4 percent to 14,149.52 while Sydney's S&P/ASX 200 dropped 0.2 percent to 5,448.40.
Elsewhere, markets were fairly subdued. Among currencies, the euro was 0.1 percent higher at %$1.3768 while the dollar rose 0.1 percent to 101.93 yen. Meanwhile, a barrel of benchmark New York crude was 45 cents higher at $100.44.
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