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China stocks buck wider Asia woes Europe shares show recovery signs
(about 1 hour later)
Stock markets in Asia have continued to tumble, following losses in New York, despite gains for China's main index. European shares were seen rising in early trade on Friday, after three days of market volatility and global falls.
China's Shanghai Composite Index - which triggered a worldwide shares rout on Tuesday - closed 1.23% higher. France's Cac-40 index rose 0.62%, while Germany's Dax added 0.76% and the UK's FTSE100 climbed 0.58%.
However, Japan's benchmark Nikkei index closed down 1.4% as investors in Tokyo remained jittery. The trend came after Asian shares were mixed and shares in the US closed in the red on Thursday.
Overnight, shares on Wall Street closed in the red, with the key US Dow Jones and S&P 500 indexes falling 0.3%, while the Nasdaq lost 0.5%. China's Shanghai Composite Index - which had triggered worldwide falls on Tuesday - closed 1.23% higher. Japan's Nikkei index closed 1.4% lower.
The weak US performance followed a slide in European and Asian shares on Thursday. London's FTSE 100 index closed 0.9% lower. Wider issue?
The market has been performing a bit irrationally in recent sessions amid sharp fluctuations, and some investors viewed it as a good chance to buy some oversold stocks Chen Huiqin, Huatai Securities Friday's rise in Europe comes after the FTSE 100, Europe's biggest stock market, had shed 5% over three days, wiping out more than £80bn ($156.3bn; 118.8bn euros) of its value.
Europe's biggest stock market has shed 5% in three days, wiping out more than £80bn ($156.3bn; 118.8bn euros) of its value. Just because China drops out of bed 9% doesn't mean we have to David Buik, Cantor Index
The global sell-off was triggered by rumours of a crackdown on illegal share offerings and trading in China on Tuesday, but has now spread to wider issues. Traders have been concerned that global economic growth could be threatened and a longer-term recession could take place.
Traders said there were increasing concerns about global economic growth and the outlook for corporate profits. Analysts were boosted by the European upturn on Friday.
Nikkei woes "Just because China drops out of bed 9% doesn't mean we have to," said David Buik of Cantor Index.
The unpredictability that has dominated markets since Tuesday - when Chinese shares fell 9% - was prompted by rumours of a crackdown on illegal share offerings and trading there.
Shares on Wall Street fell, with the key US Dow Jones Industrial Average and S&P 500 indexes falling 0.3% and the Nasdaq losing 0.5%.
Friday's tentative gains in Shanghai came on the back of bargain-hunting for cheap property and financial stocks.Friday's tentative gains in Shanghai came on the back of bargain-hunting for cheap property and financial stocks.
"The market has been performing a bit irrationally in recent sessions amid sharp fluctuations, and some investors viewed it as a good chance to buy some oversold stocks," said Chen Huiqin, an analyst at Huatai Securities."The market has been performing a bit irrationally in recent sessions amid sharp fluctuations, and some investors viewed it as a good chance to buy some oversold stocks," said Chen Huiqin, an analyst at Huatai Securities.
Shares in Hong Kong also traded higher, with the Hang Seng index rising 0.3%.Shares in Hong Kong also traded higher, with the Hang Seng index rising 0.3%.
But elsewhere in Asia markets remained lower - the Singapore Straits Times Index lost 0.6% and Australian shares fell 0.4%. But elsewhere in Asia, markets remained lower - the Singapore Straits Times Index lost 0.6% and Australian shares fell 0.4%.
In Japan, Friday's closing losses on the Nikkei wiped out the last of the gains the index had made so far made this year.In Japan, Friday's closing losses on the Nikkei wiped out the last of the gains the index had made so far made this year.
The weak dollar and flat Japanese consumer prices data sparked a sell-off in stocks, with key exporters including electronics giant Sony carmaker Toyota particularly hit. The weak dollar and flat Japanese consumer prices data sparked a sell-off in stocks, with key exporters, including electronics giant Sony carmaker Toyota, particularly hit.