Asia Markets: Asian markets, led by China, bounce back strongly

Asia Markets: Asian markets, led by China, bounce back strongly

A day after Asian stocks sank after the Trump administration announced $200 billion in new tariffs against Chinese goods, markets strongly rebounded in early trading Thursday, with investors around the region apparently gaining optimism from a 1%-plus bounce by Chinese indexes.

Both the Shanghai Composite SHCOMP, +1.90%   and the smaller-cap Shenzhen Composite 399106, +2.39%   were up more than 1.2%, largely making up Wednesday’s losses. Hong Kong’s Hang Seng Index HSI, +0.62%   gained as well, with ZTE 0763, +22.08%  shares skyrocketing after the Chinese telecom was poised to resume doing business with U.S. suppliers. China’s state-run shipper Cosco 2866, +0.00%   was up almost 1%.

Despite the yen hitting six-month lows against the dollar USDJPY, +0.23%  , domestic-driven stocks were leading the way in Japan, reflecting investors’ caution about cyclical stocks. The Nikkei NIK, +1.22%   was up 1.1%, led by drug maker Eisai 4523, +9.27%  , while beverages firm Yakult Honsha 2267, +3.22%   and diaper maker Unicharm 8113, +2.55%   jumped as well. Energy stocks, however, skidded following oil’s overnight slump. Explorer Inpex 1605, -2.87%   and distributor JXTG 5020, -3.35%   were both off more than 3%.

In South Korea, the Kospi SEU, +0.55%   rose slightly despite tech-sector declines, dragged by Samsung 005930, +0.33%   and SK Hynix 000660, -1.04%  .

Australia’s S&P/ASX 200 XJO, +0.89%  steadily gained steam toward a 1% gain despite the overnight slump in oil prices. Shares of Oil Search OSH, -0.22%   dropped early, but recovered as the trading day went on. Markets in Taiwan Y9999, +0.35%  , Singapore STI, +0.06%   and Malaysia FBMKLCI, +0.32%   also posted gains. New Zealand’s NZX-50 NZ50GR, -0.07%   was the only regional index in the red, down just a fraction.