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Japanese stocks surged on Tuesday, leading markets higher across Asia in a reversal of the previous day’s global sell-off, while Wall Street also staged a modest comeback.
Japan’s Topix index closed 9.3 per cent higher and the yen stabilised at about ¥145.70 to the dollar after strengthening sharply in recent weeks. The tech-heavy Nikkei 225 rose 10.2 per cent.
The S&P 500 climbed 1.5 per cent in morning trading in New York, after losing 3 per cent on Monday. The tech-heavy Nasdaq Composite was up 0.9 per cent. European stocks swung between small gains and losses, with the region-wide Stoxx Europe 600 index up 0.1 per cent by mid-afternoon.
The return of relative calm comes after global markets tumbled in recent days amid fears the Federal Reserve has been too slow to respond to signs the US economy is cooling, and that it could be forced to play catch-up…