Asian shares rebounded from a three-year low, led by a surge in
Japanese shares, amid speculation losses that pushed global equities
into a bear market were excessive. U.S. and European stock futures
rallied as China’s yuan jumped by the most since a dollar peg was
scrapped in 2005.
The MSCI Asia Pacific Index was headed for its
biggest gain since April 2009 and Japan’s Topix soared 8 percent.The
Shanghai Composite Index declined as trading resumed after the week-long
Lunar New Year holiday, while the yuan climbed to its strongest level
of the year as China reported a record trade surplus.
U.S. crude slipped to about $29 a barrel, after a 12 percent surge on Friday that burnished investor sentiment. The yen retreated with gold as haven assets fell out of favor.An MSCI gauge of global equities capped a 20 percent slide from a May record last week as the Federal Reserve acknowledged the volatility around the world and signaled it may delay further monetary tightening.
China’s central bank stepped up efforts to restore stability to the nation’s currency and economy, with Governor Zhou Xiaochuan saying there’s no basis for continued yuan depreciation. After sinking for six straight days on glut concerns, crude futures jumped by the most in seven years on Friday as the Standard & Poor’s 500 Index rebounded on stronger-than-expected U.S. retail sales data.
An 11 percent drop in China’s exports in January was eclipsed by an even bigger tumble in imports, leaving a record $63.3 billion trade surplus for the world’s biggest trading nation, a report showed on Monday.
Japan announced a bigger-than-expected decline in fourth-quarter gross domestic product, spurring speculation the central bank will boost stimulus. Financial markets in the U.S. and Canada will be closed Monday for holidays.
U.S. crude slipped to about $29 a barrel, after a 12 percent surge on Friday that burnished investor sentiment. The yen retreated with gold as haven assets fell out of favor.An MSCI gauge of global equities capped a 20 percent slide from a May record last week as the Federal Reserve acknowledged the volatility around the world and signaled it may delay further monetary tightening.
China’s central bank stepped up efforts to restore stability to the nation’s currency and economy, with Governor Zhou Xiaochuan saying there’s no basis for continued yuan depreciation. After sinking for six straight days on glut concerns, crude futures jumped by the most in seven years on Friday as the Standard & Poor’s 500 Index rebounded on stronger-than-expected U.S. retail sales data.
An 11 percent drop in China’s exports in January was eclipsed by an even bigger tumble in imports, leaving a record $63.3 billion trade surplus for the world’s biggest trading nation, a report showed on Monday.
Japan announced a bigger-than-expected decline in fourth-quarter gross domestic product, spurring speculation the central bank will boost stimulus. Financial markets in the U.S. and Canada will be closed Monday for holidays.
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