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Shanghai shares end week almost 8% lower as markets recover Shanghai shares end week almost 8% lower as markets recover
(about 3 hours later)
Chinese shares ended the week almost 8% lower after volatile trading that started on Monday with shock losses and spread fear to global markets.Chinese shares ended the week almost 8% lower after volatile trading that started on Monday with shock losses and spread fear to global markets.
On Friday, the mainland's benchmark Shanghai Composite closed up 4.8% at 3,232 points.On Friday, the mainland's benchmark Shanghai Composite closed up 4.8% at 3,232 points.
China's second bourse, the Shenzhen Composite, closed up 5.4% to 1,846 points, but ended the week 9.4% lower.China's second bourse, the Shenzhen Composite, closed up 5.4% to 1,846 points, but ended the week 9.4% lower.
Other stock markets in Asia also continued their rebound, helped by a strong finish for US shares.Other stock markets in Asia also continued their rebound, helped by a strong finish for US shares.
Japan's benchmark Nikkei 225 closed up 3% at 19,136 points, but the Hang Seng index in Hong Kong reversed earlier gains to close down 1%.Japan's benchmark Nikkei 225 closed up 3% at 19,136 points, but the Hang Seng index in Hong Kong reversed earlier gains to close down 1%.
The Hang Seng ended the week 3.6% lower - its sixth consecutive weekly fall.The Hang Seng ended the week 3.6% lower - its sixth consecutive weekly fall.
Dominic Chan, analyst at GF Securities in Hong Kong, said: "Investor confidence remains shaky. Some took profit as they think the rally is not sustainable."Dominic Chan, analyst at GF Securities in Hong Kong, said: "Investor confidence remains shaky. Some took profit as they think the rally is not sustainable."
Angus Nicholson, an IG Markets analyst, said investors remained concerned about China and when the Federal Reserve will raise US interest rates.Angus Nicholson, an IG Markets analyst, said investors remained concerned about China and when the Federal Reserve will raise US interest rates.
In London, the FTSE 100 also turned negative, after initially rising, to be down slightly at 6,186 points.In London, the FTSE 100 also turned negative, after initially rising, to be down slightly at 6,186 points.
Analysis: Carrie Gracie, China editor Analysis: Andrew Walker, BBC World service economics correspondent
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. China's market has rebounded, so sighs of relief all round?
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. Some argue, it is a typical August market flap, and calm was always going to return when the grown-ups are back from their holidays. Well, maybe.
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. But this episode is a reminder of how important China is to the global economy and of the fact that it is slowing down.
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. The rest of us really do need China to achieve a smooth transition to a slower and more sustainable growth rate.
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. Two figures to underline the need for more moderate growth: the average over the last three decades was 10%, and investment has been more than 45% of national income, or GDP, every year since 2009.
Read Carrie Gracie's blog in full Neither can last indefinitely. The hard bit is getting to a new path without tripping up on the way.
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
Carrie Gracie: China's deafening silence
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 flatlinesJapan inflation flatlines
The rise in Tokyo extended the previous day's recovery for Asia's largest stock market after its sharp losses earlier this week.The rise in Tokyo extended the previous day's recovery for Asia's largest stock market after its sharp losses earlier this week.
Investors were also digesting new data showing that Japanese inflation fell back to zero in July, raising speculation that the central bank would launch a fresh round of stimulus.Investors were also digesting new 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.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.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.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.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.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.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.