Chinese shares surge to 9-mnth high but fail to ignite broader market rally

Chinese shares surged to a nine-month high on Wednesday bolstered by hopes of more stimulus measures from Beijing, but the rally failed to fuel broader gains in global markets as investors waited for fresh central bank cues.

Benchmark indexes in China rose 1-2 per cent after China’s state planner said the government would implement measures to further boost domestic consumption to counter the impact of a slowing economy.

Taking into account Wednesday’s gains, Shanghai Composite Index has now gained a quarter so far this year but is still down more than 13 per cent from January 2018 as fears of a wider