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Market Update: China Shanghai Composite Jumps to Near 2-Week High
The Shanghai Composite Index gained 30 points or 0.9% to near two weeks-high of 3,560 in early trade on Tuesday, following the positive cues from Wall Street overnight, with the Dow posting its best day since March, as markets try to look for any clues on a possible timeline for tapering. In prepared testimony for a congressional hearing later in the day, Fed chair Powell noted that the US economy continues to show “sustained improvement” from the pandemic, and regarded that the current jump in inflation is likely to fade. Meantime, concerns over the ongoing crackdown on cryptocurrencies in China eased amid predictions that it would be hard for banks and payment firms to identify such payments. Risk appetite was also buoyed by news that Hong Kong will shorten hotel quarantine to seven days for fully vaccinated residents as well as non-residents. Gainers were broad-based, led by energy, consumer staples, and healthcare. [/s2If]
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