Asia shares erase losses as China's market support helps Shanghai surge
Asian stocks clawed back losses on Friday as China’s efforts to bolster investor confidence helped its share markets rally, although data showing the world’s second-largest economy growing at the slowest pace since 2009 capped broader gains, Reuters reports.
The MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 percent after earlier falling as much as 0.9 percent ahead of the release of China’s latest GDP reading.
Spreadbetters in Europe expect shares in Germany, where big exporters are sensitive to the health of China’s economy, to fall at the open, with the DAX seen opening down 0.15 percent. France’s CAC 40 is expected to open 0.04 percent lower, but the FTSE 100 is seen rising 0.24 percent.
Australian shares fell 0.05 percent and Japan’s Nikkei average ended 0.6 percent lower for its third straight week of declines.
China shares see-sawed but were up firmly in early afternoon trade following statements of government support for the market. The Shanghai index, which in the morning fell to its weakest level in four years, turned around to gain 2.3 percent around 0620 GMT. The blue-chip index surged 2.7 percent.