Asian shares extended a global rally on Friday after upbeat US economic data calmed sentiment, with Chinese stocks jumping for the second day following a rocky start to the week.
Wall Street rose sharply overnight thanks to revised US gross domestic product data showing the economy grew faster than initially thought in the second quarter – a reassuring sign amid worries over deepening economic woes in China.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.3 percent. They were poised to gain 0.2 percent for the week after logging three-year lows as plunging Chinese shares had sent financial markets into a tailspin.
On Thursday, the S&P 500 recovered about half of its 11-percent drop over six days.
