Asian stocks rallied Friday on the back of a rebound on Wall Street, as the US government and the world’s central banks took action to keep the global financial crisis from deepening. The Shanghai market soared by nearly 9.5 percent in morning trade after China abolished a tax on stock transactions, hoping to reverse a slide on the bourse that threatened to affect millions of middle-class Chinese. Tokyo’s benchmark Nikkei-225 index, which had slipped a day before to a more than three-year low, recovered by 3.30 percent in the morning session. Hong Kong shares jumped more than six percent. Full Story
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