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Daily Scan: China has last minute surge, Japan sinks

By NexChange
Capital Markets

Disappointing trade data seemed to have less impact than expected as  Shanghai Composite ended the day 3% up, the Shenzhen Composite closed with a 4% gain, and Hong Kong's Hang Seng added 3.6% following a last hour buying spree. If anything this is a sign volatility is going nowhere as investors wonder whether the equity bubble has yet to fully deflate.

Markets across Asia ended in positive territory - only South Korea’s Seoul Composite and Japan’s Nikkei 225 ended in the red. The Nikkei took the biggest pummeling, ending 2.43% down after a day of more disappointing figures: its economy shrank an annualized 1.2% in the second quarter despite ongoing government and central bank measures to support growth.

Meanwhile, the broader global outlook is still grim with oil prices remained weak today as cooperation between oil producing countries to curb oversupply looking unlikely. Oil prices have fallen almost 60% since June last year.

Here is what else to need to know...

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Amanda Knox acquitted of Italy murder. American Amanda Knox and her former Italian boyfriend Raffaele Sollecito have been acquitted of 2007 murder of the British student Meredith Kercher, following a botched investigation. Guardian

Japan PM Abe secures new term as ruling party chief.  Shinzo Abe has won a second consecutive term as president of the ruling Liberal Democrats' Party (LDP). H

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