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Chinese shares break downward trend after run of losses Chinese shares end three-day losing streak
(about 4 hours later)
Shares in mainland China on Wednesday stopped their downward trend after dramatic losses earlier in the week. Shares in mainland China bounced back significantly on Wednesday as the government's moves to calm investors restored some stability to the market.
The benchmark Shanghai Composite was up by 0.5% at 3,680.38 points. The benchmark Shanghai Composite closed 3.4% higher at 3,789.17 - ending a three-day slide that included an 8% plunge on Monday.
After the record losses earlier in the week, authorities tried to calm markets promising to stabilise the market while the central bank hinted at further easing. Authorities tried to calm markets with a probe into illegal share "dumping".
Investors were also boosted by a higher close overnight for the Dow Jones, which broke a five-day losing trend. They also pledged to buy stocks, while the central bank hinted at possible further easing.
Hong Kong's Hang Seng was also higher, 0.2% up to 24,555.12 points. Investors' confidence was also boosted by a higher close overnight for Wall Street, with the Dow Jones breaking a five-day losing trend.
Hong Kong's Hang Seng was also higher, ending up 0.5% to 24,619.45 points.
Rest of Asia
In Japan, retail sales came in 0.9 % higher for June compared with the previous year, almost double forecasts.In Japan, retail sales came in 0.9 % higher for June compared with the previous year, almost double forecasts.
But the Nikkei 225 failed to pick up on the positive cues and closed flat at 20,302.91 points.But the Nikkei 225 failed to pick up on the positive cues and closed flat at 20,302.91 points.
Investor sentiment was pulled down by poor earnings reports with both Fanuc and Tokyo Electron cutting their full year forecasts. Shares in both companies fell by 10% in early trade. Investor sentiment was pulled down by poor earnings reports, with both Fanuc and Tokyo Electron cutting their full-year forecasts. Shares in both companies fell 10% in early trade.
In Australia, the ASX/200 was boosted by both Wall Street and the encouraging signs from China. The index finished up by 0.7% to 5,624.20 points.In Australia, the ASX/200 was boosted by both Wall Street and the encouraging signs from China. The index finished up by 0.7% to 5,624.20 points.
In South Korea, the benchmark Kospi index closed flat at 2,037.86.In South Korea, the benchmark Kospi index closed flat at 2,037.86.
Investors across the region were also looking ahead to the US Federal Reserve which finishes its regular two-day meeting later on Wednesday. Investors across the region were also looking ahead to the US Federal Reserve, which finishes its regular two-day meeting later on Wednesday.
Hopes are that there might be signals on the timing of an interest rate raise later in the year. There are hopes that the Fed might give some signals about the timing of an interest rate raise later in the year.