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Everyone’s got Fed fever.

On Friday, you may remember, Hong Kong’s Hang Seng index closed above 30,000 for the first time.There wasn’t long to wait for the next benchmark to fall. The index on Monday put on almost 4 per cent to blow through 31,000, closing at 31,586.9.

Some analysts had predicted the index, once past the 30k mark, would quickly power to 40,000. The Hang Seng has now put on more than 11 per cent in the past week, and almost 55 per cent since its August low amid the credit squeeze.

So what was driving this renewed monster rally? It’s the Fed again.

Property stocks rose 6.2 per cent overall on expectations of a rate cut in the US this week - the Hong Kong dollar is pegged to its US counterpart and their rate cycles would usually move in synch.

Meanwhile, soaring oil prices were worth a 9 per cent move in CNOOC.

HSBC, in line with its previously announced intention to rebuild its stake in Bank of Communications after last year’s rights issue, said its now had 19 per cent of the Chinese lender, up from 18.6 per cent.

That fraction of a percentage point was worth a lot more in the market. BoC was at one point trading up 15 per cent on the news.