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Chinese shares down in volatile trade China shares down in volatile trade
(about 4 hours later)
Mainland China shares continued lower, falling as much as 3.5% on Friday after plunging nearly 7% a day earlier. Mainland China shares headed lower in volatile trade after plunging more than 6% a day ago, rattling global markets.
The Shanghai Composite was down 1.2% to 4,565.25 with analysts citing a number of reasons for the drop including some brokerages tightening lending requirements on margin financing. The Shanghai Composite was down 1.5% to 4,550.72 after turning positive for a period during the day.
Another wave of new share offerings due next week is also expected to remove liquidity from the market. Analysts said there were a number of reasons for the drops in the past two days, including brokerages tightening lending rules on margin financing.
A state-owned investment firm also said it sold shares in the top four banks. Another wave of new share offerings next week is also expected to remove liquidity from the market.
Central Huijin Investment confirmed it sold some mainland-listed shares in China's top four banks and other financial institutions, along with Exchange Traded Funds (ETFs). Also, a state-owned investment firm said it had sold shares in the top four banks.
News of the sale was cited by traders as one factor behind a plunge in Chinese shares. Central Huijin Investment confirmed it sold some mainland-listed shares in China's top four banks and other financial institutions. It also sold some Exchange Traded Funds.
Hong Kong's Hang Seng index was down 0.3% to 27,362.82. News of the sale was cited by traders as one factor behind the plunge in Chinese shares.
The mainland benchmark index has surged over 140% in the past 12 months despite a slowing Chinese economy. Hong Kong's Hang Seng index was down 0.2% to 27,392.12.
The mainland benchmark index has surged more than 140% in the past 12 months, despite a slowing Chinese economy.
Japanese economic dataJapanese economic data
Shares in Japan nudged higher after government data gave conflicting messages about the economy. Shares in Japan closed higher for the 11th consecutive day after government data gave conflicting messages about the economy.
Inflation was roughly flat in April with core consumer prices rising 0.3%, while household spending was down 1.3% from a year ago. Economists had been expecting spending to rise.Inflation was roughly flat in April with core consumer prices rising 0.3%, while household spending was down 1.3% from a year ago. Economists had been expecting spending to rise.
However, the jobless rate fell to 3.3% from 3.4% in March, while industrial output rose 1% - rising for the first time in three months.However, the jobless rate fell to 3.3% from 3.4% in March, while industrial output rose 1% - rising for the first time in three months.
The Nikkei was up 0.1% to 20,566.57. The Nikkei finished up 0.06% to 20,563.15, making it the longest rising streak since a 13-day run in February 1988.
Traders say the benchmark index is taking a breather after rising for the past 10 days in its longest winning streak since 1988. Shares in Yahoo Japan rose more than 11% following a local report that the internet giant will team up with Chinese e-commerce firm Alibaba to expand in the Chinese market.
In Australia, the S&P/ASX 200 was up nearly 1.2% to 5,781.5, boosted by commodity stocks. Rest of Asia
In Australia, the S&P/ASX 200 closed up 1.1% to 5,777.2, boosted by commodity stocks.
A weaker US dollar has helped copper and aluminium recover some losses, while iron ore prices held steady.A weaker US dollar has helped copper and aluminium recover some losses, while iron ore prices held steady.
Shares of heavyweight miners BHP Billiton and Rio Tinto were up 0.6% and 1.2% respectively. Shares in heavyweight miners BHP Billiton and Rio Tinto were up 1.3% and 1% respectively.
South Korean shares were higher with the benchmark Kospi up 0.4% to 2,118.77. South Korean shares were higher, with the benchmark Kospi ended up 0.2% to 2,114.80.
Investors appeared to ignore data that showed industrial production fell in April for a second month in a row - declining by a seasonally adjusted 1.2% after falling 0.3% in March. Investors appeared to ignore country data that showed industrial production fell in April for a second month in a row - declining by a seasonally adjusted 1.2%, after falling 0.3% in March.