MARKTEN
Aandelen stijgen na de sell-off
August 6, 2024 - Japan’s Nikkei 225 share index soars nearly 11% after plunging to a record 12.4% on Monday -- its biggest fall since “Black Monday” in October 1987.
The numbers flashing on trading screens on Monday shocked even market veterans. However, Asian stocks have bounced back today.
In Tokyo, the tech-heavy Nikkei recovered by 10.9%; in Seoul, the Kospi rose by 7.9%.
The return of relative calm comes after global markets lost $6.4 trillion in three weeks.
“Calm finally appears to be returning,” Bas van Geffen of Rabobank said in a report. He said that the Nikkei’s 10% gain didn’t make up for Monday’s loss, “but at least it takes some of the ‘panic’ out of the selling.”
Nicholas Smith, Japan strategist at London-based investment company CLSA, pointed to the exaggerated impact of algorithmic trading programmes, which may have specifically responded to the recent sharp upward move in the yen. “It does look like they are correlated with the yen,” Smith told the Financial Times. “After all the excitement about the prospects of AI, it now looks like AI may have got us into this mess.”
- Asia's markets rebound after worldwide plunge on Monday amid US recession fears (Sky News)
- $6.4 trillion stock wipeout has traders fearing ‘great unwind’ is just starting (Bloomberg)
- July 2024 Jobs Report: 114,000 jobs added, a sharp slowdown from June (J.P. Morgan)
- Global market rout has more to do with end of cheap funding than US economy (Reuters)