Market Commentary - Foreign Markets
Japanese markets recover sharply, Nikkei rebounds 10.23% As on : 06-Aug-24  16:09

Asian stocks recovered some lost ground on Tuesday after a brutal global sell-off the day before on heightened Middle East tensions, an unwinding of yen carry trades, lukewarm tech earnings, and concerns about slowing U.S. economic growth.

The Japanese yen snapped a five-day gain and gold edged down slightly while oil rebounded from seven-month lows on concerns about supply disruptions from rising tensions in the Middle East.

Japanese markets staged a sharp recovery after plunging the most in 37 years the previous day. The Nikkei average jumped 10.23 percent to 34,675.46, after having plummeted more than 12 percent on Monday.

The broader Topix index settled 9.30 percent higher at 2,434.21, led by automakers and technology stocks. Toyota Motor, Honda Motor and Tokyo Electron soared 13-17 percent.

The average of household spending in Japan was up a seasonally adjusted 0.1 percent on month in June, the Ministry of Internal Affairs and Communications said on Tuesday - coming in at 280,888 yen.

On a yearly basis, household spending sank 1.4 percent - again missing forecasts for a decline of 0.9 percent following the 1.8 percent slump in the previous month.

The average of monthly income per household stood at 957,457 yen, up 3.1 percent on year.

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