Wall Street

Asian shares rebound after volatile Wall Street day

MNA Business Desk: Asian stocks rebounded Thursday after Wall Street eked out a gain following volatility fueled by concern fallout from the US-Chinese trade war will spread.

Market benchmarks in Shanghai, Tokyo and Hong Kong all advanced, recovering some of their losses following three days of anxiety over the decline of China’s yuan against the dollar.

Investors were rattled Wednesday by a wave of interest rate cuts by central banks in India, Thailand and New Zealand.

That adds to rate cuts since May in Australia, South Korea and the Philippines in response to fear U.S.-Chinese trade tension will dent global economic growth.

The Shanghai Composite Index rose 0.6 per cent to 2,785.66 and Tokyo’s Nikkei 225 rose 0.6 per cent to 20,636.72. Hong Kong’s Hang Seng added 0.4 per cent to 26,103.39.

Seoul’s Kospi added 0.8 per cent to 1,925.74, reports AP.

Sydney’s S&P-ASX 200 was 0.1 per cent higher at 6,526.60 and benchmarks in Taiwan, New Zealand and Southeast Asia advanced.

On Wall Street, the benchmark S&P 500 index rose 0.1 per cent, to 2,883.98. It had been down 2.0 per cent during the heaviest bout of selling.

The Dow dropped 0.1 per cent to 26,007.07. The Nasdaq composite index climbed 0.4 per cent to 7,862.83.

Benchmark US crude jumped $1.46 to $52.55 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $2.54 on Wednesday to close at $51.09.

Brent crude, used to price international oils, rose $1.53 per barrel in London to $57.76. It dropped $2.71 the previous session to $56.23.

The dollar declined to 106.16 yen from Wednesday’s 106.26 yen. The euro edged up to $1.1211 from $1.1200.

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