GameStop is back! It has already surged by 14% in pre-trade hours.
Asian equities jump
On Tuesday, Asian equities managed to surge due to the fact that market participants mostly neglected the latest round of American levies on $200 billion of China’s products set to come true next week.
Eventually, Chinese stocks rallied after a rough stretch, demonstrating minor initial reaction to America confirming that another round of import levies are on the way. As a matter of fact, the Shanghai Composite SHCOMP having notched an almost four-year minimum on Monday rebounded to add 1.8%. As for the smaller-cap Shenzhen Composite399106, it ascended by 1.7%.
On Tuesday, Hong Kong equities revived, having sunk for 10 of 14 trading session. The Hang Seng HIS jumped by 0.6%. Besides this, Tencent 0700 inched down by 0.4%.
After Monday’s holiday, in Japan trading resumed, with the Nikkei NIK adding 1.4% to reach fresh 7½-month maximums. Big insurers made their contribution too, including a more than 4% profit for Dai-ichi Life 8750 as well as a 4.8% jump for T&D8795 due to the fact that 10-year Treasury yields got back to 3%. Besides this, 10-year JGB yields TMBMKJP-10Y acquired half basis point hitting 0.12%.
Tech names initially slumped reacting to the tumble in the Nasdaq on Monday, although some managed to regain.
Tokyo Electron 8035 initially slumped by nearly 2% before reviving to lose no more 0.3%.
The currency pair USD/JPY kept rebound, soaring to ¥111.80, thus backing some Japanese export equities.
The Kospi SEU managed to acquire by 0.3% in South Korea because the leaders of North and South Korea started a three-day summit. As a matter of fact, Samsung 005930 jumped by 0.8%. Besides this, the Taiex Y9999 went down by 0.6% in Taiwan because tech names, including Taiwan Semiconductor 2330 as well as Largan Precision 3008 declined.
Meanwhile, the ASX 200 XJO lost 0.3% in Australia.
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The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.