Asian markets continue to rebound, with Shanghai Composite, Nikkei, Hang Seng, ASX 200 up

James Nickerson
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Markets across Asia are trading up (Source: Getty)

A sea of red screens can be seen around Asia as markets continue to rise, including in China, building on positive performance yesterday and a strong finish by markets in the US.

The Shanghai Composite rose as much as two per cent in mid-morning trading, gaining on the 5.4 per cent it rose yesterday. Japan's Nikkei was trading over three per cent higher in early afternoon trade, while Hong Kong's Hang Seng was up 0.5 per cent.

"We should see more investor appetite for riskier assets today, given the positive leads from the overnight markets. However, the market may be wary of putting in sizable positions ahead of the weekend," Reuters reported Bernard Aw, market strategist at IG in Singapore, to have written in a note.
Markets were given a boost late on Thursday as the People's Bank of China announced it would purchase stocks and asked state-owned banks to purchase more yuan on its behalf. Meanwhile, US gross domestic product in the second quarter was revised up to 3.7 per cent, giving a boost to US markets.

Inflation data from Japan also showed the country was able to avoid slipping into deflation, which has further encouraged markets. Japan's retail trade also grew for a fourth consecutive month, increasing 1.6 per cent in July from a year earlier.

Yesterday markets across Europe also closed up, with the FTSE gaining £60bn in one day, having lose £72bn on Monday.

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