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Asian stocks recovered some lost ground on Tuesday after a brutal global sell-off the day before on heightened Middle East tensions, an unwinding of yen carry trades, lukewarm tech earnings, and concerns about slowing U.S. economic growth.<\/p>\n
The Japanese yen snapped a five-day gain and gold edged down slightly while oil rebounded from seven-month lows on concerns about supply disruptions from rising tensions in the Middle East.<\/p>\n
China’s Shanghai Composite index rose 0.23 percent to 2,867.28 while Hong Kong’s Hang Seng index slipped 0.31 percent to 16,647.34.<\/p>\n
Japanese markets<\/span> staged a sharp recovery after plunging the most in 37 years the previous day. The Nikkei average jumped 10.23 percent to 34,675.46, after having plummeted more than 12 percent on Monday. <\/p>\n The broader Topix index settled 9.30 percent higher at 2,434.21, led by automakers and technology<\/span> stocks. Toyota Motor, Honda Motor and Tokyo Electron soared 13-17 percent.<\/p>\n Seoul stocks rebounded from the previous day’s worst market sell-off. The Kospi average climbed 3.30 percent to 2,522.15 after crashing a whopping 8.77 percent on Monday. SK Hynix and Hyundai Motor both rose around 5 percent. <\/p>\n Australian markets eked out modest gains after the Reserve Bank of Australia kept interest rates steady but warned the economy<\/span> remained overheated. <\/p>\n The benchmark S&P\/ASX 200 edged up 0.41 percent to 7,680.60 after its worst two-day sell-off since the coronavirus<\/span> pandemic. The broader All Ordinaries index gained 0.39 percent to close at 7,890.10.<\/p>\n Consumer discretionary stocks performed well while energy stocks suffered heavy losses. <\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 index ended down 0.15 percent at 12,245.76.<\/p>\n U.S. stocks ended with deep losses overnight as recession worries and a widespread shift in sentiment around the technology sector overshadowed data showing a rebound in the U.S. services sector activity from a four-year low in July.<\/p>\n The tech-heavy Nasdaq Composite plunged 3.4 percent and the S&P 500 plummeted 3 percent to hit three-month lows while the Dow slumped 2.6 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n