2024-08-06 01:55:43
Brigid Riley
TOKYO (Reuters) – Japanese stocks rebounded sharply in early trading on Tuesday after posting their biggest one-day drop since the 1987 Black Monday sell-off in the previous session.
As of 0026 GMT, the S&P 500 was up 8.1% at 34,004.22, with the broader All Ordinaries index up 8.57%.
The Nikkei share average plunged 12.4% on Monday, its worst performance since the October 1987 stock market crash, as investors were shaken by last week’s global stock market rout, the risk of a U.S. recession and concerns about the liquidation of investments financed by the cheap yen.
Monday’s plunge “is a reminder that diversifying equity risk by region (or by sector or style) is nearly impossible during a major correction or bear market,” said Stephen Dover, chief market strategist at Franklin Templeton and head of the Franklin Templeton Institute.
“Opportunities will arise, but we think it’s too early to get involved.”
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#Japanese #stocks #rebound #sharply #opening #Reuters
