Stocks in Japan bounced back partially on Tuesday morning after the previous trading day’s heavy losses as concerns over the global economy weighed on investor sentiment.
Following its Monday tumble, the Nikkei 225 rose 1.25 percent in early trade. The Topix index also added 1.39 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan was largely flat .
Over in South Korea, the Kospi was 0.16 percent higher. Meanwhile, shares in Australia declined in early trade as the ASX 200 slipped fractionally.
Overnight on Wall Street, stocks had a tepid finish as concerns over the global economy lingered. The Dow Jones Industrial Average added 14.51 points to 25,516.83, while the S&P 500 slipped 0.1 percent to 2,798.36 — its first close below 2,800 since March 12. The Nasdaq Composite also pulled back 0.1 percent to 7,637.54.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.517 after slipping from highs above 96.6 yesterday.
The Japanese yen changed hands at 110.05 against the dollar after seeing highs below 109.9 in the previous session, while the Australian dollartraded at $0.7115 after rising from lows below $0.708 yesterday.
Oil prices firmed on Tuesday, pushed up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela, but analysts warned that signs of a sharp economic slowdown could soon drag on crude markets.
Brent crude oil futures were at $67.46 per barrel at 0110 GMT, up 25 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) futures were at $59.31 per barrel, up 49 cents, or 0.8 percent, from their last settlement.
Manufacturing data from Asia, Europe and North America is pointing to a sharp economic slowdown.
Global factory output growth slowed to a 1 percent rate last quarter, and indicators point to a near stall this quarter.