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Relief rally for China stocks, rest of Asia cautious

FXStreet (Mumbai) - Mixed sentiment prevails on the Asian markets, with the Asian traders enjoy the rebound staged by the Chinese indices after heavy losses incurred over the past few trading session.

Profit-taking seen on Nikkei and ASX

The Japanese markets stalled its recovery and turned into the red on the back of profit-taking and on yen strength seen in the US last session. Markets also remain cautious ahead of major macro events such as the ECB decision, NFP report due later this week. Nikkei edges -0.26% lower at 19,959, hovering below the 20k psychological mark.

The Australian benchmark, the S&P/ASX also declines -0.20% to 5,255, largely on a profit-taking slide after yesterday’s extensive rally. While the downside remains cushioned as the upbeat Aus Q3 GDP figures released earlier today underpinned market sentiment. Australia’s GDP expanded 0.9% in the September quarter, against 0.5% growth seen previously. Markets had predicted the economy to grow 0.8% in Q3.

The Chinese indices rebounded sharply higher after witnessing heavy losses earlier this week. The benchmark Shanghai Composite (SSEC) gains 0.35% to 3,468. China’s A50 index jumps 2.42% to 10,456 points. Hong Kong’s Hang Seng advances 0.34% to 22,458.

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