Asia stocks rebound after tech-led selloff.
Asian stock markets rebounded on Thursday, led by Japan and China, as concerns over stretched technology valuations eased, while investors assessed fresh trade data from Australia.
The recovery followed sharp losses in the previous session, when Wall Street’s tech-led selloff rippled across global markets.
Major U.S. stock indices closed higher overnight, while futures tied to them were largely steady as of 04:07 GMT.
Asia stocks rebound after sharp declines
Japan’s Nikkei 225 rose 1.5% after settling 2.5% lower a day earlier, while the broader TOPIX index advanced 1.4%.
“We think some profit-taking is natural after a runup, especially for the Nikkei 225 given its strong gains over the past month,” UBS analysts said in a note.
China’s blue-chip Shanghai Shenzhen CSI 300 jumped 1.4%, buoyed by buying in heavyweight tech and consumer shares.
Gold prices hold gains as dollar ticks down.
Gold prices held largely steady in Asian trading on Thursday after jumping over 1% the previous session, as a slight retreat in the U.S. dollar and uncertainty surrounding the prolonged U.S. government shutdown helped underpin sentiment.
The yellow metal jumped 1.3% in the previous session as a global risk-off mood gripped markets amid growing fears of a stock market bubble.
Gold steadies as dollar dips; shutdown worries in focus
The US Dollar Index slipped 0.2% in Asian trading on Thursday as investors returned to risk assets following a brief rout in technology stocks earlier in the week. Wall Street’s rebound on Wednesday helped calm fears about overextended valuations.
Still, the prolonged U.S. government shutdown, now the longest on record, has added to uncertainty in financial markets.The Group of Seven nations’ finance ministers said on Wednesday they will take steps to increase pressure on Russia by targeting those who are continuing to increase their purchases of Russian oil and those that are facilitating circumvention.
AstraZeneca beats forecasts in Q3.
AstraZeneca reported stronger-than-expected third-quarter results on Thursday, driven by robust sales across its oncology, cardiovascular and renal portfolios. The company kept its full-year outlook unchanged.
Core earnings rose 12% to $2.38 per share for the three months ended September 30, topping expectations of $2.29 per share. Revenue grew 10% at constant exchange rates to $15.19 billion, also ahead of the $14.79 billion consensus from a company-provided survey.
Core operating profit increased 13% to $4.99 billion.
Looking ahead, AstraZeneca continues to project full-year revenue growth in the high single digits and core earnings per share growth in the low double digits.
“The strong underlying momentum across our business through the first nine months of the year sets us up well to sustain growth through 2026 and has us on track to deliver our 2030 ambition,” Chief Executive Pascal Soriot said.
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