Asian stocks rebound after steep losses, led by Japanese markets; Nikkei surges over 10%.

From Investing.com: 2024-08-05 22:27:22

Most Asian stocks rebound on Tuesday after steep losses, with Japanese markets leading the way, recovering the most after falling into a bear market. Despite fears of a U.S. recession, traders engaged in bargain buying, particularly in discounted stocks with strong fundamentals expected to benefit from lower interest rates. Wall Street entered correction territory, but U.S. markets are poised for a rebound, with futures rising in Asian trade. Japanese stocks surged over 10%, despite mixed wage and spending data for June, aided by a drop in the yen. Australian stocks lagged as markets awaited the RBA decision, while broader Asian markets rebounded, with Chinese markets lagging. Focus remains on key economic data.



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