Following the week’s opening session that alarmed a lot of investors, all indexes today shown encouraging indications of recovery.
The Nikkei 225 and Topix indices of the Japanese stock market rose by 8% when the trading window opened on August 6. The correction is at almost 10%. The massive telecom company SoftBank’s stock price rose by about 10%. Major trading businesses’ shares all rose by more than 8%, with Marubeni’s share price rising by more than 13%.
This rendition stands in sharp contrast to the one that broke the record. Nikkei 225 fell 13% on May 8th, marking the worst decline since “Black Monday” in 1987.
What is going on this morning?
This morning, the yen lost ground to the USD. At the moment, the price is 145 yen for every USD, down 0.62%. A recent surge in selling in the global financial market has been partially attributed to the strengthening of the Japanese yen. Following the nation’s two interest rate increases this year, investors were forced to sell other assets in order to pay back their earlier Japanese currency accounts.
The Kospi index rose 2.9% in South Korea. Yesterday, when the major indexes fell more than 8%, the nation’s securities regulators were forced to employ a market circuit breaker tool. Shares of semiconductor manufacturer SK Hynix rose 4.5%, while Samsung Electronics saw a 2.1% boost. The CSI 300 index for the Chinese market is essentially flat. Shanghai Composite had a 0.1% gain. Hong Kong’s Hang Seng Index increased by 0.2%. Australia, Malaysia, Vietnam, and the Philippines also saw increases in their stocks.
“The market increased fairly solidly today after a historic decline across Asia yesterday, mainly due to a wave of asset sales to offset losses due to leverage,” the company’s research director, Chris Weston, stated. Pepperstone, a stock brokerage, offered commentary.
The most well-known cryptocurrency in the world, Bitcoin, is now up 3.5% from yesterday to $55,787 USD per coin. The price fell as low as 49,300 USD yesterday. This morning, the spot price of gold surged globally as well, and it is presently at $2,412 USD per ounce. At one point on August 5, the price dropped by almost 70 USD, hitting about 2,360 USD.
