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Asian stocks rebound despite weak market sentiment

21 Mar 2023 , 08:52 AM

On Tuesday, the Asian stock market rebounded from its previous lows, thanks to Credit Suisse's rescue effort, which helped reduce the selling of bank shares. However, market sentiment remained delicate, and traders were concerned that the current market stress might lead to the end of U.S. rate hikes.

Early European trading witnessed a sell-off, but the trend was reversed later, and the S&P 500 index on Wall Street registered a 0.9% increase. In the Asian stock market, U.S. futures also saw a 0.2% rise during early trade.

The Asian stock market started on a positive note, with MSCI's index registering a 0.5% increase, Australian shares bouncing back by 1.3% from the previous day's low, and the Hang Seng index opening 0.7% higher than the previous day's close.

Even though the Japanese markets were shut for a holiday, Nikkei futures trading in Chicago indicated a bullish sentiment.

The Swiss government's support for a buyout of Credit Suisse by UBS has eased immediate worries regarding financial stability in Europe. However, the loss suffered by some Credit Suisse bondholders has created a ripple effect in the bank debt market, and ongoing indications of stress among U.S. regional banks have caused investors to be extra cautious.

Concerns over demand have caused Brent crude futures to remain below the $80 per barrel mark, and currently, they stand at $73.80. Similarly, gold prices surged to a one-year high of $2,009 per ounce in the previous night, before falling slightly to $1,979 on Tuesday.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Asian markets
  • brent crude
  • Chicago
  • Japan Nikkei
  • MSCI Index
  • Nikkei
  • stock market
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