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Chinese shares continue their recovery Shanghai shares end week down 7% as stock markets recover
(about 1 hour 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. Chinese shares have ended the week 7% lower after volatile trading that started on Monday 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. On Friday, the mainland's benchmark Shanghai Composite closed up 4.8% at 3,232 points.
With these gains adding to Thursday's recovery, investors seem confident that panic and volatility are off the table. With these gains adding to Thursday's recovery, some calm has been restored after Wall Street closed higher.
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. In Hong Kong, the Hang Seng index was 0.6% higher in late trading.
Japan inflation flatlining Analysis: Carrie Gracie, China editor
Japan's benchmark Nikkei 225 also saw strong gains, closing the day 3% up at 19,136.32 points. One of the most extraordinary things about the world's number two economy is that when it faces a crisis, the leadership carries on in public as if nothing has happened.
Morning trade in Tokyo extended Thursday's recovery on the region's largest stock market after its sharp losses earlier in the week. Decisions which affect the fate not just of 1.4 billion people in China but as we now know, the rest of the world as well, are made in secret by a handful of men.
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. This week, China's top political leaders have made no mention of the crisis, flagship mainstream media avoided touching on it, and government censors constrained discussion on social media within firm boundaries.
In Australia, the S&P/ASX 200 finished higher by 0.6% at 5,263.60 points. Does this matter? It is certainly different from any other major economy where the causes of such a crisis and competing solutions would have been thrashed out day in day out for the past two months.
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. Stepping back from the stock market turmoil, the central challenge for China's policy makers is whether they can build a prosperous advanced economy with sustainable long term growth before the old-style investment driven economy grinds to a zero growth catastrophe.
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. Read Carrie Gracie's blog in full
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 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?
Kamal Ahmed: India - we can take the economic lead as China stumblesKamal Ahmed: India - we can take the economic lead as China stumbles
Japan inflation flatlining
Japan's benchmark Nikkei 225 also posted strong gains, closing up 3% at 19,136 points.
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 Sydney, the ASX 200 finished 0.6% higher at 5,263 points.
Marking the end of a week of corporate results, the supermarket Woolworths reported a 12.5% drop in full-year profit - its first fall in almost two decades.
However, Woolworths' shares closed 1.5% higher after the retailer announced a new chief executive in a bid to revive its fortunes.
South Korea's Kospi index finished 1.6% higher at 1,937 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 rose overnight and oil prices jumped sharply after revised figures showed the US economy expanded far more than originally thought in the three months to June.