Hong Kong stocks surge

Hong Kong stocks jumped on Tuesday, led by mainland banks after China's central bank cut reserve ratios and as materials shares found support from economic data out of Beijing that showed stronger-than-expected factory activity. The blue chip Hang Seng index surged 2.25 percent to end at 28,173.21 points in its biggest daily percentage gain since May 2016.
The Hong Kong China Enterprises Index jumped 3.62 percent to 11,305.38, its biggest daily percentage gain since April 2016. ICBC rose 7.9 percent, China Construction Bank climbed 5.9 percent and Bank of China gained 4.9 percent. Ping An Insurance Group rose 3.9 percent.