Global markets are exuding a sense of resilience despite the fog of uncertainties. US 'Big tech' stock prices have fallen, the value of the safe-haven yen has soared to new heights, and fears of a worldwide trade war have taken hold.

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However, risk assets show the ability to bounce back. Shares in South Korea, Japan, and Australia rose. Stocks in Hong Kong and mainland China fluctuated in opening trade.

Traders look beyond tariff wars, for now

Following two consecutive days of gains for the S&P 500 and the Nasdaq 100, which extended a rebound from Monday's decline, US Equity futures remained steady. Reasons for this resiliency, or the ability of the market to bounce back, include lower US Treasuries and dollars and abundant market liquidity.

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The combination eases financial conditions globally, encouraging risk-taking in broader markets. However, the latest earnings readings weighed on tech stocks. Shares of Alphabet, Google’s parent company, plummeted 7 per cent on Wednesday, their worst day in a year, and AMD shares lost 6 per cent.

Still, the Nasdaq recouped its early losses to finish the day marginally higher. Major technology stock index 'Faang' ended the day in the green, ending near its recent all-time high.

After China officially launched a complaint with the World Trade Organisation, all eyes in Asia are on what else Beijing would do in reaction to Trump's 10 per cent tariffs on Chinese goods. Following Wednesday's Lunar New Year holiday, Chinese markets were mostly quiet, but yuan pressure is mounting.

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In other currency news, investors priced in tighter monetary policy from Japan following solid wage numbers, sending the yen soaring over 1 per cent to an eight-week high versus the dollar.

In commodities, gold held near its record high after Trump accentuated geopolitical risks and worries about the global economy. Gold resumed its rally as trade war jitters continued to attract investors to the safe-haven metal, sending it to fresh record highs on Wednesday.

Oil prices fell as US crude inventories swelled and traders worried about China-US trade. Benchmark Brent crude was down over 2 per cent to trade below 75 dollars a barrel. 

Supply concerns also weighed on oil. Trump drove Iran's oil exports to near zero during part of his first term after reimposing sanctions to curtail the country's nuclear program.

(With the inputs from the agencies)