Asian markets resumed their positions on Friday, August 9, based on the dynamics of the overnight jump on Wall Street, where stocks showed their strongest daily gain since November 2022, writes the Financial Times, reports Forbes.
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At the beginning of the week, stock exchanges around the world fell to a record level over the past few years. Investors sold off stocks on fears of a recession in the US.
A decline in US unemployment claims helped calm fears of an imminent economic slowdown, leading to a modest recovery in Asia.
< Japanese indices rose 1%, South Korea's Kospi index rose 1.5%, Hong Kong's Hang Seng rose 2% on Friday morning and Taiwan's TWSE rose 3% amid a rally in Asian semiconductor stocks led by chipmakers.
The Topix and Nikkei 225 indices rose about 1% on Friday. The yen, whose rapid rise played a central role in the collapse of Tokyo stocks on Monday after the Bank of Japan's rate hike, continued to trade at around 147 yen against the dollar.
U.S. stocks posted their strongest daily gain since November 2022 on Thursday.
The benchmark S&P 500 rose 2.3%, finishing its best day in nearly 21 months, while the tech-heavy Nasdaq Composite added 2.9%, its biggest daily gain since February. The rally helped recoup some of the losses caused by the sharp sell-off this week.
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