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Overview: The S&P 500 staged an impressive recovery yesterday, a sell-off that took it to its lowest level since April 21, to close more than 1% higher on the day, and helped set the tone in the Far East and Europe today. Gains in most Asia Pacific markets, but Hong Kong, Shanghai, and India, trimmed this week's losses. Australia's 1.4% rally today managed to turn ASX positive for the week, extending the leg-up for a third consecutive week. The Dow Jones Stoxx 600 is up around 1% to pare this week's loss to about 3.2%.