The Shanghai Composite is up 4.3 percent to another new high, and Hong Kong's Hang Seng rose 1.7 percent. There's no specific reason, but mainland China stocks have been surging since the market opened to foreign investors in a big way in early November.
The People's Bank of China has also been hinting at stimulus measures. Exchange volumes have increased dramatically. The Shanghai Index is up 37 percent year to date. Chinese energy names like PetroChina and Sinopec were up big, too.
Meanwhile, European Central Bank President Mario Draghi is all over the place.
European stocks weakened and the euro shot higher as the ECB chief said the the bank will reassess its current plan in the first quarter, implying that any initiative to purchase sovereign debt—which the market wants—was not imminent.
Draghi also made references to the ECB balance sheet today, saying that it is his "intention" to raise the balance sheet by 1 trillion to 3 trillion euros, but that is not a "target." If that sounds a little too subtle, it is in a normal sense—if not in central banker speak. It means the ECB may not be as aggressive as initially thought.
Draghi later said that the ECB was discussing buying all assets "except gold." Gold dropped, the euro began to weaken, and stocks began to come back.