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DS: China: Shanghai stocks open up 1.73%
 
The Dow was up 301 points, or 1.9 percent, to 16,172 as of 1:03 p.m. Eastern time.
This is a breaking news update.

With the market set to close, the Dow Jones industrial average rose more than 600 points, to about 3.9 percent.

The benchmark gauge for U.S. equities closed Tuesday 1 per cent away from erasing its gains since the end of 2013 and about 5 points above the lowest level of its last big tumble, on October 15.

In morning trading in Europe, France’s CAC-40 jumped 4.6 percent after tumbling 5.4 percent Monday while Germany’s DAX was up 4.4 percent after dropping 4.7 percent the day before.

The Shanghai stock index slumped 7.6 per cent, on top of Monday’s 8.5 per cent loss. The stock gained $7.66 to $97.08.

US Treasuries dropped, European stocks pared declines and US futures extended gains after US durable goods orders climbed the most in one year.

Beyond China, traders are waiting for clarity from the Federal Reserve, which has signalled it could begin raising its key interest rate from near zero for the first time in almost a decade as early as this year.

Chinese stocks have lost more than 40 percent of their value since a year-long, debt-fuelled rally collapsed in June, prompting Beijing to unleash unprecedented market support measures, including using state-backed vehicles to buy up shares. A rebound on Tuesday faded in the final minutes of trading, with the Dow closing more than 200 lower after having been up more than 400 earlier in the day.

China’s central bank reduced interest rates and slashed the amount of money banks need to hold in reserve on Tuesday – its second such double move in two months – in a bid to stoke growth.

A slowdown in China has the potential to significantly crimp demand for oil and other commodities, a ripple effect that could dampen global economic growth.

Bloomberg reported that emerging markets were likewise battered by shockwaves from China’s fall as equities in Vietnam, India, the Philippines and Poland all came tumbling down. “But it will likely not be enough to fix China’s growth problem”, Credit Agricole economists Sebastien Barbe and Gary Yau wrote in a note to investors.

Investors’ caution was understandable, said Mr Lim Say Boon, Chief Investment Officer at DBS Bank, as the policy moves would have little impact on consumption in a nation of savers, or investment in a country where government, not the “animal spirits of the private sector”, takes the lead.

Wall Street shares also jumped rallying after a five-day streak of losses left US indices in correction territory.

The Shanghai Composite Index ended off 1.3%, its fifth straight day in the red as Beijing also dished out another round of trading bans. Shares also rose in Taiwan but fell in New Zealand and most Southeast Asian markets. Brent crude oil, which is used to price global trading, gained 6 cents a barrel, to $43.15.

In currency markets, the dollar rose to 120.12 yen from Monday’s 118.69 yen.

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