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Asian shares continue global recovery on strong US lead Chinese shares finally lift off on back of global rebound
(35 minutes later)
Asian shares continued the global rally after overnight gains in the US steadied investors' nerves. Chinese shares have returned to positive territory after massive losses earlier in the week rocket markets around the globe.
The mood was lifted by remarks by US Federal Reserve official William Dudley, who said the case for a rate rise, seemingly on the cards for September, seemed "less compelling". The Shanghai Composite was up by 2.3% at 2,991.91 points.
Wall Street closed on Wednesday with its biggest rise in four years. The turnaround, though, does little to make up double digit percentage losses made so far this week.
Japan's benchmark Nikkei 225 traded 2% higher to 18,736.90, building on strong gains made the previous session. Shares elsewhere in Asia also made gains in early trade on the back of a jump on Wall Street overnight, which saw its biggest rise in four years.
Any rise in US interest rate could spark a global shift into dollars to take advantage of higher returns on offer. The mood was lifted by remarks by US Federal Reserve official William Dudley, who said the case for a rate rise, seemingly on the cards for September, now seemed "less compelling".
That extra demand would strengthen the value of the dollar, making dollar-denominated commodities more expensive. Hong Kong's Hang Seng index was up by 2.6% at 21,635.32 points.
South Korea's Kospi also notched up gains for a second day. The index rose 0.5% to 1,902.60 points. The region's biggest stock market, Japan's Nikkei 225, traded 2% higher at 18,736.90, building on strong gains made the previous session.
In Australia, the benchmark S&P/ASX 200 was up by 1.3% to 5,240 points. South Korea's Kospi also notched up rises for a second day. The index rose 1.1% to 1,915.23 points.
In Australia, the benchmark S&P/ASX 200 was up by 1.7% at 5,262.20 points.
Fears easingFears easing
The gains across Asia and the US come after days of severe losses on Chinese markets, which have sent shockwaves around the globe. Severe losses on Chinese market over the past week sent shockwaves around the globe.
The mainland's benchmark Shanghai Composite has fallen by more than 17% since the beginning of the week. A move by the country's central bank to cut its key lending rate on Tuesday initially failed to calm Chinese market.
A move by the country's central bank to cut its key lending rate on Tuesday had failed to calm Chinese market.
Analysts believe the tentative share market bounce back indicates fears over China's woes have eased.Analysts believe the tentative share market bounce back indicates fears over China's woes have eased.
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