Saturday, May 4, 2024, in Ginza, Tokyo’s upscale shopping district.
Bloomberg | Bloomberg | Getty Images
Japan’s stock market rebounded sharply on Tuesday after the Nikkei and Tokyo Stock Price Indexes fell more than 12 percent in the previous trading session. Other Asia-Pacific markets also opened higher.
Japanese Nikkei Stock Average The company had suffered its biggest drop in trading the previous day since the Black Monday crash of 1987. Meanwhile, the broad stock index of the Tokyo Stock Price Index rose as much as 10% before paring that gain to 8%.
The yen fell more than 0.62% to trade at 145.07 yen per US dollar.
Shares of Japan’s biggest trading companies all rose more than 8%, with Marubeni rising more than 13% and SoftBank Group rising nearly 10%.
Korean Cospi South Korean stocks rose more than 3 percent, with the small-cap Kosdaq adding more than 4.5 percent. The rebound came after the South Korean market was temporarily halted on Monday when a circuit breaker was triggered.
South Korean giant Samsung Electronics rose 2.1 percent, while chipmaker SK Hynix rose 4.5 percent.
Mainland China’s CSI300 started flat, but Hong Kong’s Hang Seng Index It increased by 1.03%.
Australia’s S&P/ASX 200 opened up 0.27%.
Oil prices also rose, Brent Crude Oil It rose 1.65% to trade at $77.56 a barrel. West Texas Intermediate Crude oil rose 1.86% to trade at $74.30.
Japanese household spending fell more than expected in June compared to a year earlier, down 1.4% in real terms. Average monthly household income increased 3.1% in real terms compared to a year earlier.
Japan’s real wages also rose 1.1% in June from a year earlier, the first increase in 26 months. Strong wage growth gives the Bank of Japan some room to tighten monetary policy.
The Reserve Bank of Australia is due to announce its policy rate later today, with economists expecting it to remain unchanged at 4.35%.
Overnight in the United States, 30 stocks Dow And that S&P 500 It was the worst session since September 2022.
of Dow It fell 1,033.99 points, or 2.6 percent. S&P 500 It fell 3%. Nasdaq Composite Index The stock was down 3.43%, down 15% from its closing high.
—CNBC’s Hakyung Kim, John Meloy and Sarah Min contributed to this report.
