A cargo ship sails toward the Foreign Trade Container Terminal at Qingdao Port in Qingdao City, Shandong Province, China, on June 7, 2024.
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Asia-Pacific markets continued to rise on Wednesday, following Wall Street indexes that ended a three-day losing streak overnight.
The Dow Jones Industrial Average rose 0.76%, while the S&P 500 added 1.04%. The tech-heavy Nasdaq Composite Index rose 1.03% to close at 16,366.85.
Market sentiment improved as Japanese stocks rebounded on Tuesday, sending the Nikkei stock average up 10.2 percent to its highest close since October 2008. On Monday, it fell 12.4 percent, its worst day since 1987, on fears of a recession.
On Wednesday, the Nikkei stock average rose about 2 percent, while Japan’s composite stock price index, the Topix, rose more than 3 percent in choppy trading.
“Given that trends in domestic and international financial and capital markets remain extremely unstable, it is necessary to maintain monetary easing through the current policy interest rate for the time being,” Bank of Japan Deputy Governor Shinichi Uchida said in a speech on Wednesday.
Japanese The Ministry of Finance revealed The Bank of Japan sold 5.92 trillion yen ($40.32 billion) worth of dollars on the same day, its highest single-day yen-buying intervention on record, to counter the yen’s weakness. It also sold 3.87 trillion yen worth of dollars on May 1, ministry data showed.
Later today, Asian traders are due to assess July trade data from China, with economists expecting exports to have risen 9.7% year-on-year, compared with an 8.6% increase in June. Imports are expected to rise 3.5% in the same period, reversing a 2.3% decline in June.
—CNBC’s Hakyung Kim and Samantha Subin contributed to this report.
