The most important development in world markets during the past 24 hours was a jump in Chinese bank H-shares. Almost all the top performers in the Hang Seng China Enterprises Index were banks and insurers, led by China Construction Bank with a one-day gain of nearly 4%.

Bank investors took heart from another month increase in the 70-cities index for new home prices, up 0.61% in March, another indicator that China’s stimulus strategy is working.

Read more: China bank rally spills over to US markets

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