{"id":71361,"date":"2024-08-06T16:42:28","date_gmt":"2024-08-06T06:42:28","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71361"},"modified":"2025-11-10T21:36:15","modified_gmt":"2025-11-10T10:36:15","slug":"tuesday-6th-august-2024-japan-stocks-rebound-sharply-as-asia-pacific-markets-recover","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/tuesday-6th-august-2024-japan-stocks-rebound-sharply-as-asia-pacific-markets-recover\/","title":{"rendered":"Tuesday 6th August 2024: Japan Stocks Rebound Sharply as Asia-Pacific Markets Recover"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 10.27%, Shanghai Composite up 0.07%, Hang Seng down 0.11% ASX up 0.41%<\/li>\n\n\n\n<li>Commodities : Gold at $2446.35 (-0.17%), Silver at $27.28 (-0.54%), Brent Oil at $77.03 (1.17%), WTI Oil at $73.69 (1.2%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.853, UK 10-year yield at 3.874, Germany 10-year yield at 2.212<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Final Manufacturing PMI&nbsp; 55.0 vs 56.0 expected<\/li>\n\n\n\n<li>(USD) ISM Manufacturing PMI&nbsp; 51.4 vs 51.1 expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix plunged over 12% in the previous session. The Nikkei 225, which faced its biggest loss since the 1987 Black Monday crash, and the Topix both climbed 9%, pushing both indexes back into positive territory for the year. Other Asia-Pacific markets also saw gains, with South Korea\u2019s Kospi surging over 3% and the small-cap Kosdaq rising more than 5%. Samsung Electronics increased by 2.1%, and chipmaker SK Hynix climbed 4.5%.<\/p>\n\n\n\n<p>The Bank of Japan&#8217;s rate hike to its highest level since 2008 on July 30 strengthened the yen to a seven-month high, pressuring stocks. Global markets were jittery due to fears of a U.S. recession from a weaker-than-expected jobs report and the unwinding of the yen \u201ccarry trade.\u201d Japan\u2019s major trading houses rebounded by more than 6%, with Mitsui rising over 9%, and Softbank Group Corp jumping more than 8%. Automakers and semiconductor suppliers, including Honda and Renesas Electronics, saw gains of over 13% and 17%, respectively.<\/p>\n\n\n\n<p>Mainland China\u2019s CSI 300 traded flat, while Hong Kong\u2019s Hang Seng index rose 0.9%. Australia\u2019s S&amp;P\/ASX 200 was up 0.4%. Oil prices also increased, with Brent crude rising 1.65% to $77.56 per barrel and U.S. West Texas Intermediate crude climbing 1.86% to $74.30 per barrel. The yen weakened by 0.83%, trading at 145.37 against the U.S. dollar.<\/p>\n\n\n\n<p>In economic data, Japan\u2019s June household spending fell 1.4% year-over-year, while real wages grew 1.1%, marking the first rise in 26 months. The Reserve Bank of Australia held its cash rate steady at 4.35% and slightly upgraded its GDP growth forecast for the year. In the U.S., the Dow and S&amp;P 500 experienced their worst sessions since September 2022, with the Dow dropping 2.6%, the S&amp;P 500 falling 3%, and the Nasdaq Composite shedding 3.43%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; USD Trade Balance<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; CAD Trade Balance<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Japan stocks rebounded sharply [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71361"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=71361"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71361\/revisions"}],"predecessor-version":[{"id":71369,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71361\/revisions\/71369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=71361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}