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Chinese shares finally lift off on back of global rebound | |
(35 minutes later) | |
Chinese shares have returned to positive territory after massive losses earlier in the week rocket markets around the globe. | |
The Shanghai Composite was up by 2.3% at 2,991.91 points. | |
The turnaround, though, does little to make up double digit percentage losses made so far this week. | |
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. | |
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". | |
Hong Kong's Hang Seng index was up by 2.6% at 21,635.32 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. | |
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 easing | Fears easing |
Severe losses on Chinese market over the past week sent shockwaves around the globe. | |
A move by the country's central bank to cut its key lending rate on Tuesday initially 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. |
Read more: The six Cs of the China stock slump | Read more: The six Cs of the China stock slump |
The stocks fall in facial expressions | The stocks fall in facial expressions |
Read more from our experts: | Read more from our experts: |
Andrew Walker: China's slowdown and cheap oil | Andrew Walker: China's slowdown and cheap oil |
Robert Peston: China's woes and a still flawed global economy | Robert Peston: China's woes and a still flawed global economy |
Duncan Weldon: What next for the global economy after China market woes? | Duncan Weldon: What next for the global economy after China market woes? |
Karishma Vaswani: China counts cost of Black Monday | Karishma Vaswani: China counts cost of Black Monday |