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Market Update: Chinese Shares Surge 2.4% to 3-Month High
The Shanghai Composite added 85.2 points or 2.44% to 3582.48 on Tuesday after a drop in US bond yields and hopes for a strong recovery this year sent US stocks higher overnight. Local 10-year rates were at lifted from 8-month lows to 3.105%, while US 10-year rates eased to 1.598%. On the pandemic front, Beijing Monday accused the US of hyping the theory that the COVID-19 escaped from a lab in Wuhan after a new report said three researchers from the facility sought hospital treatment for fever in November 2019. Among stocks, Xiaomi lifted 3.94% to 3-month highs after the FTSE Russell announced that it would reinstate Xiaomi into its global indexes. Investors now look toward the release of US consumer prices and the 2nd estimate Q1 GDP later in the week. In Hong Kong, the Hang Seng Index moved 475 points or 1.67% higher to 28887.26. [/s2If]
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