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China shares up after central bank intervenes | |
(about 1 hour later) | |
Chinese shares picked up at the end of trading after the central bank stepped in to calm investors. | |
Chinese shares at one point lost 5%, adding to the 6% fall on Tuesday. | |
But the intervention left the Shanghai Composite 1.2% higher with a closing level of 3,794.11 points. | |
Traders had been unsettled by comments by the securities regulator that the market had normalised and the government would allow market forces a bigger role in determining prices. | |
Traders remained nervous about the further sell-off and the continuing uncertainty about the yuan. | Traders remained nervous about the further sell-off and the continuing uncertainty about the yuan. |
China's central bank started to devalue the currency last week in an attempt to boost slowing growth in the world's second largest economy. | China's central bank started to devalue the currency last week in an attempt to boost slowing growth in the world's second largest economy. |
Hong Kong's Hang Seng was also in negative territory, down by 1.1% at 23,219,98. | |
Japan's Nikkei 225 index finished the day 1.6% lower at 20,222.63, despite better-than-expected trade data out earlier in the morning. | Japan's Nikkei 225 index finished the day 1.6% lower at 20,222.63, despite better-than-expected trade data out earlier in the morning. |
The country's trade deficit for July fell by 72.3% compared with the same period the year before, largely thanks to lower commodity prices. | The country's trade deficit for July fell by 72.3% compared with the same period the year before, largely thanks to lower commodity prices. |
The deficit fell to 268bn yen ($2.15bn) against 966.5bn yen a year earlier. | The deficit fell to 268bn yen ($2.15bn) against 966.5bn yen a year earlier. |
Japan's exports to the key North American market were up 18.8% for the month, while exports to Asia rose by 6.1%. | Japan's exports to the key North American market were up 18.8% for the month, while exports to Asia rose by 6.1%. |
Australia earnings | Australia earnings |
In Australia, the S&P/ASX 200 beat the region's trend and rose by 1.5% to finish at 5,380.20 points following a host of corporate earnings. | In Australia, the S&P/ASX 200 beat the region's trend and rose by 1.5% to finish at 5,380.20 points following a host of corporate earnings. |
Shares in Treasury Wine Estates jumped by more than 14% after the company reported a strong full-year profit saying its focus on more expensive brands was paying off. | Shares in Treasury Wine Estates jumped by more than 14% after the company reported a strong full-year profit saying its focus on more expensive brands was paying off. |
Commodities producer Alumina saw shares up by almost 4% after strong half-year results and an optimistic outlook for the second half. | Commodities producer Alumina saw shares up by almost 4% after strong half-year results and an optimistic outlook for the second half. |
In South Korea, the benchmark Kospi shed 0.8%, closing at 1,939.38 points. | In South Korea, the benchmark Kospi shed 0.8%, closing at 1,939.38 points. |
Computer and electronics giant Samsung Electronics beat the index's trend though, jumping 3.5% after it's ten-month-low of the past week. | Computer and electronics giant Samsung Electronics beat the index's trend though, jumping 3.5% after it's ten-month-low of the past week. |
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