Asian stock markets mounted a recovery on Tuesday—led by the Japanese Nikkei 225 index—after being hit with a historic rout on Monday due to recession fears triggered by worse-than-expected U.S. jobs market numbers.
Japanese stocks led a Asian market rebound on Tuesday.
Japan’s Nikkei 225 index surged more than 10% early on Tuesday before settling at 34,250 points during afternoon trading—up 8.8% from the previous day—while the Tokyo Stock Price Index (TOPIX) was up by 8.2%.
On Monday, the benchmark Nikkei index crashed 12.4% marking its worst single-day selloff since the 1987 “Black Monday” crash.
South Korea’s KOSPI also opened in the green and was up more than 3.74% at 2,532 points in afternoon trading.
Taiwan’s Taiex was also up 3.38% in afternoon trading on Tuesday led by a nearly 8% bump in the stock price of the world’s biggest chipmaker TSMC.
The U.S. futures markets also showed signs of recovery early on Tuesday, with Nasdaq, S&P 500 and Dow Futures up 1.75%, 1.40% and 0.97% respectively.
This is a developing story.