Asian
investors took heart from a late-in-the-day rally in U.S. stocks, with
futures on indexes from Japan to Australia signaling gains as the worst
quarter for global equities since 2011 comes to a close.
Futures
foreshadowed a 1.7 percent rebound in the Nikkei 225 Stock Average,
which slid to the lowest level since January Tuesday amid an Asia-wide
equity selloff as concern over China’s slowdown took hold in markets
once again. Copper futures rallied, while crude oil fell as traders
looked ahead to data on U.S. supplies due Wednesday. The yen held gains
before reports on Japanese retail trade and factory output.
With
stocks in Asia headed for their worst quarter since the collapse of
Lehman Brothers Holdings Inc., the five-day holiday that starts Thursday
in China will provide a reprieve from a country that has been at the
epicenter of the global turmoil since devaluing its currency in August.
While a jump in consumer confidence helped U.S. stocks erase losses,
implied volatility remains almost double its average over the past year
as uncertainty over China and the Federal Reserve’s next move keep
investors on tenterhooks.
Futures
on the Standard & Poor’s 500 Index added 0.1 percent by 8:02 a.m.
Tokyo time. The U.S. benchmark reversed a drop of as much as 0.5 percent
to end Tuesday up 0.1 percent. The yen was little changed at 119.80 per
dollar after rising 0.7 percent the past two days, helping Japan’s
currency to become the best performer among major peers the past three
months. Copper futures added 0.3 percent, as U.S. oil continued to
see-saw, falling 0.7 percent after rising Tuesday.
Selling
in biotech and technology stocks continued in the U.S., sending the
Russell 2000 Index to its longest slump since 2006 and briefly pushing
the Nasdaq Composite below its August close. Ten-year Treasuries
climbed, with yields sinking to a one-month low.
Futures
on Australia’s S&P/ASX 200 Index were up 0.9 percent in most recent
trading, while contracts on Hong Kong’s Hang Seng and Hang Seng China
Enterprises indexes climbed at least 0.7 percent. FTSE China A50 Index
futures gained 0.6 percent following a 2 percent drop in the Shanghai
Composite Index Tuesday. Markets in South Korea resume Wednesday after a
two-day holiday.
Source : Bloomberg
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