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Asian shares rise, Shanghai soars on China easing hopes

Shanghai and Hong Kong equities markets retreated in early trade after a recent rally, while the dollar suffers selling pressureAsian markets rose Thursday, with Shanghai rallying on hopes for further China stimulus while Japanese shares were boosted by a weaker yen as the dollar reversed earlier losses. The gains follow a positive lead from Wall Street, where another batch of weak figures was offset by a pick-up in oil prices, an upbeat Federal Reserve economic report and hopes for lower rates for a little longer. Shanghai surged 2.71 percent, or 110.66 points, to 4,194.82 and Hong Kong gained 0.44 percent, or 120.89 points, to 27,739.71. Hong Kong’s bourse continued its rally after soaring over the past week with record turnover as mainland investors look for cheap assets in the city following a year-long rally in Shanghai that almost doubled its value.

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