PERTH: Australia’s sharemarket recovered after being pushed lower by China’s renewed stockmarket troubles.
Shortly before 1pm (AEST), Australia’s S & P/ASX 200 hit positive territory after an early 1.1 per cent intraday fall.
The rise came after Beijing officials vowed to do more to support the economy, with the powerful National Development and Reform Commission saying it will improve targeted policies.
China posted its second worst trading session ever yesterday, with the Shanghai Composite index plunging 8.5 per cent, marking its biggest one day drop in more than eight years. The benchmark opened more than 4 per cent lower again today.
The Shanghai sharemarket dive ended a recent string of relatively subdued sessions, after Beijing stepped in with a series of regulations to restore faith in the volatile market.
