China stocks hit 10-year highs

The Shanghai Composite surged 1.32% to 3,934, while the Shenzhen Component gained 1.47% to 13,725 on Thursday.

The former reached its highest level in more than a decade as mainland markets reopened following the long Golden Week holiday, which saw a record 2.43 billion passenger trips nationwide.

Mining stocks led gains amid firmer metals prices and after Beijing announced export controls on rare earth production technology to reinforce its dominance in the sector amid intensifying rivalry with the US.

Top performers included Zijin Mining (10%), China Northern Rare Earth (10%), and Zhejiang Huayou Cobalt (6.7%).

Technology shares also advanced on global AI momentum, with ZTE Corp, Giga Device Semiconductor, Hygon Information, Foxconn Industrial, and IEIT Systems rising between 2.1% and 9.5%.

Meanwhile, investors looked ahead to the Communist Party’s leadership meeting on Oct. 20-23 and a potential Xi-Trump meeting at the APEC summit later this month.