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Asian shares mostly recover with China markets closed

Asian stocks mostly recovered on Thursday as investors took heart in a positive finish on Wall Street overnight.

Trading was relatively calm compared to the nerve-wracking roller-coaster rides in the previous sessions, with mainland share markets closed as the country's commemorates the end of World War Two. Chinese stock markets will reopen Monday.

"Away for the Victory Day long weekend today and tomorrow, China's 'bed rest' means that a break from Shanghai stock gyrations will make for much less nail-biting," a note from Mizuho Bank said.

"[However,] respite in global equities may only reflect temporarily allayed concerns about whether the rest of the world was going to catch a cold from China's sneeze," Mizuho analysts added.

The gains also came as major U.S. indexes climbed overnight amid volatile trade. The Dow Jones Industrial Average and the S&P 500 rallied more than 1.8 percent in the close to end near session highs, while the tech-heavy Nasdaq Composite outperformed with gains of 2.46 percent to pull out of correction territory.

Nikkei gains 0.5%

Japan's benchmark Nikkei 225 index pulled back from an intra-day high of 18,481, but still managed to snap a four-day losing streak, thanks to the inspiring handover from Wall Street and weakness in the yen.

Meanwhile, data which showed activity in Japan's services sector expanded at the fastest pace in almost two years may have also contributed to the buoyant trading sentiment. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.7, from 51.2 in July, to hit the highest...