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Chinese shares higher on back of global rebound Chinese shares higher on back of global rebound
(about 4 hours later)
Chinese shares have returned to positive territory after massive losses earlier in the week rocked markets around the globe. Chinese shares have returned to positive territory after massive losses there earlier in the week rocked markets around the globe.
The Shanghai Composite was up by 2.3% at 2,991.91 points. The Shanghai Composite was up by 0.6% to 2,942.94 points.
The turnaround, though, does little to make up double digit percentage losses made so far this week. 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 on Wednesday, which saw its biggest rise in four years.Shares elsewhere in Asia also made gains in early trade on the back of a jump on Wall Street on Wednesday, 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, which had seemingly been on the cards for September, now seemed "less compelling".The mood was lifted by remarks by US Federal Reserve official William Dudley, who said the case for a rate rise, which had seemingly been on the cards for September, now seemed "less compelling".
In Asian markets on Thursday: In other Asian markets on Thursday:
Fears easingFears easing
Severe losses on Chinese market over the past week sent shockwaves around the globe. Severe losses on the Chinese market over the past week had sent shockwaves around the globe.
A move by the country's central bank, the People's Bank of China, to cut its key lending rate on Tuesday initially failed to calm Chinese market. A move by the country's central bank, the People's Bank of China, to cut its key lending rate on Tuesday initially failed to calm the Chinese market.
Analysts believe the tentative share market bounce back indicates fears over China's woes have eased. Concerns about China's slowing economic growth have been rising for months with a constant trickle of poor economic data, the latest of which last Friday suggested that factory activity shrank in August at its fastest pace in more than 6 years.
Analysts believe the tentative share market rebound indicates fears over China's woes may have somewhat eased.
Read more: The six Cs of the China stock slumpRead more: The six Cs of the China stock slump
The stocks fall in facial expressionsThe stocks fall in facial expressions
Read more from our experts:Read more from our experts:
Andrew Walker: China's slowdown and cheap oilAndrew Walker: China's slowdown and cheap oil
Robert Peston: China's woes and a still flawed global economyRobert 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?