Home Business News Asian shares recover as Wall Street sell-off continues

Asian shares recover as Wall Street sell-off continues

by Purvai Dua
12th Oct 18 9:35 am

Markets in Asia opened mixed today as Wall Street continued to skid for a second day amid a global stock market sell-off.

In trading today, Japan’s Nikkei 225 ended 0.46 per cent higher at to 22,694.66 points, while the Shanghai Composite .SSEC gained 0.91 per cent to 2,606.91.

According to Fiona Cincotta from CityIndex: “The global selloff seems to have come to an end and the market is picking up the pieces after the hurricane. The tally: the Dow has lost 1,400 points in two days, Brent Crude is back down at $81 and the dollar is trading at 1.1579 against the euro.

“Key indices have fallen below their 200-day moving averages and are beginning to look oversold but the underlying economic reasons for a rise in interest rates that had triggered the spike in bond yields and the selloff in equities is still in place. 

For the moment though, European markets are back in the black and the recovery in Dow futures indicates a stronger start on Wall Street later today.” 

Donald Trump has blamed an “out of control” Federal Reserve for spooking global markets.

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