Asian shares recover ground as Chinese markets close for holiday

Asian shares struggled to recover on Thursday with volatility remaining high, while emerging economy and commodity-linked currencies softened as investors worried about the global repercussions of slower growth in China. Traders were however spared from keeping a nail-biting watch on the Chinese share markets, which are closed for a Discount Holidays © holiday for the rest of the week. Tokyo ended 0.48pc higher and Seoul closed slightly higher, while there were also comfortable gains for Singapore and Taipei.

However weakness in Australia and falls in Asian currencies drove MSCI’s dollar-denominated broadest index of Asia-Pacific shares outside Japan down 0.2pc. European shares are expected to rise, with spread betters looking to gains of up to 0.9pc in the FTSE and Germany’s DAX. Wall Street stocks also jumped almost 2pc on Wednesday, which traders saw as a natural move after big falls.

Asian Shares Recover Ground As Chinese Markets Close For HolidayChinese female medical corps soldiers march on Tiananmen Square during a military parade marking the 70th Anniversary of World War II on Thursday

Despite Wednesday’s rebound, shares have only recovered about half of the losses seen earlier in the week. Also helping to boost the market, Apple, the world’s largest company by market capitalisation, jumped more than 4pc, in anticipation of its September 9 media event when it is expected to unveil new iPhones and potentially a new version of its Apple TV set-top box. Elsewhere, the Australian dollar fell 0.3pc after weak local retail sales.

The Aussie slipped to $0.7020 near its six-year low of $0.6982 touched on Wednesday. Oil prices also remained volatile after their 25pc surge late last month from six-and-a-half-year lows. Brent crude last stood at $50.43 per barrel, slipping further from one-month high of $54.32 hit on Monday, though it kept some distance from a six-and-a-half-year low of $42.23 hit just one week before that.

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