China shares track US stock futures higher as Fed acts to stabilise banks

The blue-chip CSI 300 Index and Hong Kong's Hang Seng benchmark were up more than 0.5% each in early morning trade. In a joint statement, the U.S. Treasury and Federal Reserve announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday, sending U.S. stock futures up in early Asian trade.

China and Hong Kong stocks rose on Monday, tracking gains in global peers after U.S. authorities stepped in to limit the fallout from the collapse of Silicon Valley Bank (SVB). The blue-chip CSI 300 Index and Hong Kong's Hang Seng benchmark were up more than 0.5% each in early morning trade.

In a joint statement, the U.S. Treasury and Federal Reserve announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday, sending U.S. stock futures up in early Asian trade. "Rationally, this should be enough to stop any contagion from spreading and taking down more banks, which can happen in the blink of an eye in the digital age," said Paul Ashworth, head of North American economics at Capital Economics.