Global shares recover from low grounds
Global share markets rallied further on Tuesday, with Asian equities recovering from a four-week low. The series of gains followed after concerns about near-term rate hikes in the United States was overshadowed by investors’ optimism for a rebound in the global economy.
Asia’s upbeat trading session came after Wall Street’s overnight gains, with the Dow securing its sharpest level of increase in more than three months. This then sent MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.35%, completely recovering from a four-week low and tallying a total of 4% jump so far this year.
Japan stood as the biggest advancer, with the country’s benchmark index Nikkei jumping 2.1%. South Korean shares hiked 0.4%, while stocks down under inched up 1.2%. China gained 0.6%.
The Federal Reserve’s sudden hawkish stance sent shares crashing as it introduced rate hike pressures. However, investors were still hoping that the U.S. labor market and its performance will sway the central bank’s decision.