Asia Stocks Rise, Following U.S. Rally, With China Markets Shut

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Asian stocks rose, following a rebound in U.S. shares, with markets in China and Hong Kong closed for a holiday.

The MSCI Asia Pacific Index gained 0.4 percent to 126.45 as of 9:01 a.m. in Tokyo. Chinese shares closed lower on the last trading day of this week as investors assessed the level of state support before a major military parade on Thursday. Mainland markets are closed Thursday and Friday to commemorate the end of World War II.

E-mini futures on the Standard & Poor’s 500 Index added 0.3 percent following a 1.8 percent gain on the underlying index on Wednesday. The U.S. equities gauge slumped 6.3 percent last month as China’s currency devaluation spurred concern over global growth, erasing more than $5.7 trillion in equity market values worldwide, while volatility surged the most on record.

South Korea’s Kospi index rose 0.7 percent and Australia’s S&P/ASX 200 Index gained 0.5 percent. New Zealand’s NZX 50 Index advanced 0.7 percent.

Japan Stocks Rise Amid Global Calm as China Closes for Holiday

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Japanese stocks rose, with the Topix index headed for its first gain this week, after calm returned to global markets as China halted trading for a two-day holiday. Energy explorers led gains.

The Topix gained 1.4 percent to 1,486.33 as of 9:02 a.m. in Tokyo as all of its 33 industry groups rose. The Nikkei 225 Stock Average added 1.4 percent to 18,345.71. The yen traded at 120.57 per dollar after weakening 0.8 percent on Wednesday. The rout in global stocks let up Wednesday, with U.S. equities surging in late trading to halt a two-day slump after Chinese shares ended their last day of trading this week with the smallest loss since mid-August.

Futures on the Standard & Poor’s 500 Index added 0.3 percent after the underlying measure rose 1.8 percent on Wednesday. The Stoxx Europe 600 Index added 0.3 percent.

A rout in global equities last month, sparked by China’s devaluation of its currency, erased more than $5.7 trillion from the value of global shares amid growing concern that the world’s second-biggest economy may be in worse shape than analysts had estimated.

Source : Bloomberg

U.S. Stocks Climb Amid Global Respite After Two-Day Selloff

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U.S. stocks rallied, after the Standard & Poor’s 500 Index posted one of its steepest drops this year, amid a respite from a global equities selloff.

A surge in the final minutes pushed the S&P 500 up 1.8 percent to 1,948.87 at 4 p.m. in New York, closing at the session high after the gauge fell 3.8 percent over the previous two sessions. Equities jumped in early trading and then trimmed their gains by more than half before an afternoon rebound along with oil prices.

The benchmark equity gauge’s 3 percent decline on Tuesday -- its third-biggest of 2015 -- marked a sour start to what has historically been the worst month of the year. The S&P 500 falls 1.1 percent on average in September, according to data compiled by Bloomberg going back to 1927.

Another troubling sign is that futures on Chicago Board Options Exchange Volatility Index have climbed, showing traders predict turbulent markets will endure. The gauge known as the VIX fell 11 percent Wednesday to 27.93, after a record monthly jump in August,up 135 percent.

The S&P 500 slumped 6.3 percent last month as China’s currency devaluation spurred concern over global growth, erasing more than $5.7 trillion in equity market values worldwide, while volatility surged the most on record. The equity index entered a correction last week, only to then rally more than 6 percent over two days. It closed Wednesday 9.1 percent below its all-time high set in May.

Source: Bloomberg

Gold Drops for First Time in Four Days Amid Global Equity Rout

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Gold fell for the first time in four days as Asian stocks extended a global rout on concern over China’s slowdown and its impact on the world economy.

Bullion for immediate delivery declined 0.3 percent to $1,136.84 an ounce at 8:31 a.m. in Singapore, according to Bloomberg generic pricing. The metal climbed 1.4 percent in the previous three days and jumped 3.6 percent in August, the biggest monthly gain since January.

Data showing Chinese manufacturing at a three-year low reignited a global share slump on Tuesday and the selloff continued in Asia. The Federal Reserve is scrutinizing data to determine the timing and pace of its first boost to borrowing costs since 2006. Attention will focus on the government jobs report Friday as the last major data point before the Fed meets Sept. 16-17.

Gold futures for December lost 0.3 percent to $1,136.10 on the Comex in New York. Silver for immediate delivery fell 0.3 percent to $14.5775 an ounce. Platinum was little changed at $1,002.14 an ounce, while palladium rose 0.2 percent to $573.35 an ounce after a 4.7 percent slump on Tuesday.

Source: Bloomberg