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"We're seeing a lot of buying today basically because markets have bounced off their lows so a lot of people are covering their shorts ahead of the weekend" before stock prices increase further, said Andrew Sullivan, a sales trader at Piper Jaffray Asia Securities Ltd. in Hong Kong.
The moves gave hope to global financial markets and were a sharp turnaround from the beginning of the week, when stocks tumbled on fears that European policymakers were acting slowly and indecisively to contain the debt crisis.