TOKYO (BLOOMBERG) The biggest sell-off in global stocks since February eased up on Friday (Oct 12), with Asian equity markets recovering some ground and US stock futures surging, while US Treasury yields ticked higher. The yuan retreated and was the worst performing currency in Asia on Friday after a weaker-than-forecast daily fixing. That followed a Bloomberg report that US Treasury staff concluded that China is not manipulating its exchange rate. Japan’s Nikkei index rose 0.3 per cent as of 3pm in Tokyo, while the Shanghai Composite was up 0.4 per cent, reversing an earlier fall, 1.5 per cent. Hong Kong’s Hang Seng index climbed 1.7 per cent. Singapore’s Straits Times Index rose 0.6 per cent or 19.27 points to 3,066.66 as of 2:05pm. Australia’s S&P/ASX 200 Index added 0.2 per cent and South Korea’s Kospi index gained 1.5 per cent. In the United States, the S&P 500 futures were up 0.6 per cent. Tech shares, which bore the brunt of the selling on Wednesday, fared less badly on Thursday as key benchmarks tumbled in excess of 2 per cent for a second straight day. Investors ascribed a number of reasons for the retreat in equities this week, including worries over the US-China trade war and increasing preoccupation with the risk that the American economy is nearing the end… Read full this story
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