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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 there earlier in the week rocked markets around the globe. | |
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. | |
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 other Asian markets on Thursday: | |
Fears easing | Fears easing |
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 the Chinese market. | |
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 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? |