Most Asian stocks rose sharply on Tuesday after falling in the previous session, with Japanese markets recovering the most from their bear market declines, investing.com reports.
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Investors buy up the dip
Bargain buying also helped boost regional markets as traders piled into beaten-down stocks with strong fundamentals that are likely to benefit from interest rate cuts in the coming months.
However, Asian shares are down significantly from the previous session, driven by growing recession fears in the US after disappointing labour market data.
US Market
Wall Street fell in overnight trading, with the Nasdaq Composite entering correction territory from recent peaks.
However, U.S. markets also looked set to rebound, with Wall Street futures rising in Asian trading.
Japanese stocks recover from bear market, with Nikkei up 10%.
Japan
Japanese stocks, which had fallen more than their peers in recent sessions, were among the best performers on Tuesday. The Nikkei 225 index rose more than 10%, while the TOPIX added 8.8%.
Both indices are still in bear market territory after falling 12-14% in the previous session.
The rise in Japanese markets came despite mixed wage and spending data for June. While overall wages rose, household spending fell compared to a year ago.
Recall that Monday was the day of a record-breaking stock market crash around the world.
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