Asian stocks notched largely solid gains Thursday, with Japan and South Korea recovering some of Wednesday’s near-2% declines in their benchmarks.
The gains also follow roughly 1% advances in the U.S., as risk assets recovered from start-of-week slides fueled by Italy-related uncertainty.
rose 0.8%, while South Korea’s Kospi
put up a 0.6% gain. Australia’s S&P/ASX 200
— which held up much better Wednesday in dropping just 0.5% — took back that loss with a nearly 0.5% gain Thursday. New Zealand’s NZX 50
, the lone index in the Asia-Pacific region that rose Wednesday, was up a further 0.1%.
Japanese stocks opened with solid gains. But the yen was rising anew in early Asian trading, with the dollar
back below ¥108.75 after changing hands at ¥108.90 in late New York action. The stock index has fallen five of the past seven days, notching a six-week closing low Wednesday.
Chinese stock indexes started with among the biggest gains in the region, rising some 1% after posting among the largest declines Wednesday at 2.5%. That came as manufacturing PMI showed unexpected strength for May. Just the same, Chinese equities have gotten oversold with six straight days of declines; the Shanghai Composite Index
on Wednesday set a 19-month closing low while notching its first six-day losing streak in 4½ years. The index, however, logged a nearly 1.8% gain Thursday.
Hong Kong stocks traded solidly though the Hang Seng
is poised to log its third monthly drop in the past four.
Singapore’s Straits Times Index
gained initially, with banks leading the way, but ended down 0.5%. Following a record-worst 3.2% drop Wednesday, Malaysia’s stock benchmark