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Dec. 6, 2017, 11:29 p.m. EST

Nikkei jumps as other Asian markets try to recover from Wednesday selloff

Volatility expected to continue ahead of U.S., China job data

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By Ese Erheriene


NTB Scanpix via Reuters
Japanese stocks jumped 1.2% Thursday.

Asia stocks largely steadied Thursday after European and U.S. equities overnight showed scant reaction to big stock declines a day earlier in the region.

While more moderate than Wednesday, selling continued in China, South Korea and Taiwan. But Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.92%   rebounded, rising 1.2% after Wednesday’s 2% decline, the most since March.

“We’re seeing Asia markets find stability,” said Jingyi Pan, a market strategist at IG Group. “Fundamentals haven’t really changed, so investors will be looking for opportunities to buy.”

But Pan said she expects market volatility to continue ahead of Friday’s November readings on Chinese trade and U.S. jobs.

A softer yen gave exporter shares a lift, particularly tech stocks, with Nintendo   and Hitachi /zigman2/quotes/203839937/delayed JP:6501 -4.24%   advancing about 2%.

Still, the Nikkei, which is off 1.6% so far this week, is on track for its biggest weekly decline in three months.

Elsewhere, Australian stocks shrugged off a smaller-than-expected October trade surplus for the country.

The S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -2.50%   rose 0.6% as utilities stocks jumped 1.2% and the Australian dollar hit session lows following the report. The reading added to prospects the central bank might not raise interest rates next year; a rate-tightening environment cools sentiment for dividend plays like utilities.

Meanwhile, pollution controls in China, Australia’s biggest trading partner, will crimp manufacturing activity and “restrain the demand for Australia’s iron ore,” while currency fluctuations hit services trade, said Capital Economics’ Paul Dales. “It may only be a matter of months before the trade surplus turns into a deficit,” he said.

In China, stocks extended their recent weakness Thursday, with major indexes in Shanghai /zigman2/quotes/210598127/delayed CN:SHCOMP -0.57% and Shenzhen  /zigman2/quotes/210598015/delayed CN:399106 -0.35%   down.

Amid the softness in Chinese shares, the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.19%   has fallen nearly 7% in two weeks, cooling one of the world’s best-performing indexes. Hong Kong’s benchmark stock index was flat midday as Chinese auto makers listed there continued their slide.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.14%   fell 0.5% despite an uptick for index-heavyweight Samsung. Taiwan’s Taiex   was off 0.4% as its biggest stock, Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 -0.91%  , dropped 1.3%. The two tech companies’ downgrade by Morgan Stanley helped stoke the recent global selloff in tech stocks.

Away from stocks, bitcoin /zigman2/quotes/31322028/realtime BTCUSD +6.09%   continued to surge, hitting $14,000 for the first time early Thursday, according to CoinDesk, after breaching the $12,000 mark for the first time a day earlier.

Oil futures rose 0.3% in Asia after a near-3% slide overnight in the U.S., following the jump in gasoline supplies last week. That raised questions about demand for the fuel, as well as the near-term need for oil.

/zigman2/quotes/210597971/delayed
JP : Nikkei
17,898.57
-166.84 -0.92%
Volume: 0.00
April 2, 2020 9:43a
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/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 2,944.50
-130.50 -4.24%
Volume: 1.47M
April 2, 2020 9:43a
P/E Ratio
14.60
Dividend Yield
3.06%
Market Cap
¥3036.88 billion
Rev. per Employee
¥30.84M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,127.30
-131.30 -2.50%
Volume: 281,412
April 2, 2020 11:43a
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,734.52
-15.77 -0.57%
Volume: 21.73B
April 1, 2020 3:01p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
1,660.08
-5.85 -0.35%
Volume: 33.31B
April 1, 2020 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,085.79
-517.69 -2.19%
Volume: 2.88M
April 1, 2020 4:08p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,683.07
-2.39 -0.14%
Volume: 218,595
April 2, 2020 9:43a
loading...
/zigman2/quotes/207385621/delayed
TW : Taiwan
NT$ 271.50
-2.50 -0.91%
Volume: 44.52M
April 1, 2020 1:30p
P/E Ratio
20.39
Dividend Yield
3.50%
Market Cap
NT$7104.93 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/31322028/realtime
US : CoinDesk
6,749.05
+387.38 +6.09%
Volume: 0.00
April 1, 2020 8:04p
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