Asian stocks rebounded from a three-year low, after a rally in U.S. equities, as Japanese shares climbed for the first time this year and investors awaited China trade data.
The MSCI Asia Pacific Index added 1 percent to 121.97 as of 9:11 a.m. in Tokyo, set to halt a seven-day losing streak after sliding to its lowest close since November 2012 on Tuesday. The Standard & Poor’s 500 Index rose for a second day on speculation the selloff that wiped out more than $5 trillion from global equity values this year has gone too far. Chinese data due Wednesday are expected to show accelerated declines in imports and exports in December, after the country’s defense of the yuan on Tuesday calmed investors also watching a deepening rout in raw materials.
China sparked a record surge in Hong Kong’s money-market rates on Tuesday to deter bearish speculators after reductions in its reference rate last week roiled global markets and exacerbated concerns over the country’s ability to deal with its slowdown. Economists predict trade data will show the steepest drop in Chinese exports since July and an ongoing slump in incoming shipments.
Source : Bloomberg