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Chinese shares continue their recovery | Chinese shares continue their recovery |
(about 4 hours later) | |
Chinese shares continued to bounce back on the last day of a volatile week that started with shock losses and spread fear to global markets. | |
In late afternoon trade, the mainland's benchmark Shanghai Composite was up by 3.1% at 3,179.63. | |
With these gains adding to Thursday's recovery, investors seem confident that panic and volatility are off the table. | |
Stocks elsewhere in Asia also continued their rebound, helped by a strong finish for US shares. | Stocks elsewhere in Asia also continued their rebound, helped by a strong finish for US shares. |
In Hong Kong, the Hang Seng index was higher by 0.4% at 21,934.96 points. | |
Japan inflation flatlining | Japan inflation flatlining |
Japan's benchmark Nikkei 225 also saw strong gains, closing the day 3% up at 19,136.32 points. | |
Morning trade in Tokyo extended Thursday's recovery on the region's largest stock market after its sharp losses earlier in the week. | Morning trade in Tokyo extended Thursday's recovery on the region's largest stock market after its sharp losses earlier in the week. |
Investors were also looking at fresh data showing that Japanese inflation fell back to zero in July, raising speculation that the central bank would launch a fresh round of stimulus. | |
In Australia, the S&P/ASX 200 finished higher by 0.6% at 5,263.60 points. | |
Marking the end of a week of earnings reports, the country's supermarket giant, Woolworths, reported a 12.5% drop in full-year profit, its first fall in at least 19 years. | |
Woolworths' shares, though, were 1.5% higher on the announcement of a new chief executive in a bid to turn the firm's fortunes around. | |
South Korea's benchmark Kospi finished 1.6% higher at 1,937.67 points. | |
The recovery across Asia took its cue partly from China's recovery, but also the strong sentiment from the US. | |
Shares on Wall Street had risen overnight and oil prices jumped after revised figures showed the US economy grew by far more than had been thought between April and June. | |
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? |
Kamal Ahmed: India - we can take the economic lead as China stumbles | Kamal Ahmed: India - we can take the economic lead as China stumbles |