Global markets rally at open after sliding on Monday
WION's monthly global economic health check.
Global stocks gained ground after a deep selloff across markets from Tokyo to London to New York on Monday.
Japanese stocks powered higher, leading gains in Asia. They are covering part of the ground lost in Monday's worldwide plunge.
A series of small dips and Monday's wild selloff in global stocks erased $6.4 trillion of investor wealth in three weeks. To put that loss into context, the investor wealth wipeout is double the annual GDP of India.
Investors may finally be able to take a breather after a wild day, but markets are likely to face more volatility. At one point on Monday, the wall street's "fear gauge" hit a new high in data going back to 1990.
Japan's Nikkei rose over 8 per cent in early trading following a 12.4 per cent decline on Monday. The previous session also marked the worst day for Japanese stocks since 1987's Black Monday.
Japan's benchmarks rose by about 11 per cent following a more than 12 per cent plunge on Monday.
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South Korea's index surged over 3 per cent. Stocks in China's Mainland, Hong Kong and Australia were mostly flat. Overnight, the S&P 500 pared some of its losses towards the end of the session on Monday. However, the index still closed 3 per cent lower to mark its worst decline in over two years. The tech-heavy Nasdaq had the worst opening since the financial crisis in 2008.
US Big tech firms, widely known as the 'magnificent seven', lost nearly $1 trillion. However, US Stock futures point to gains when trading starts later Tuesday.
Speculation of an impending US Recession weighed on global stocks. The repricing was so severe that the swap market had predicted a 60 per cent probability of an emergency rate cut by the fed in the coming week. However, those chances faded overnight.
In commodities, following a three-day dip, oil prices rose from a seven-month low as optimism in stock futures suggested a recovery.
The shutdown of Libya's largest field redirected global attention to West Asia and boosted crude.