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ASIA MARKETS: Asian Markets, Led By China, Bounce Back Strongly

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07/12/2018 | 12:34pm CEST

By Dow Jones Newswire

Confidence returns after Wednesday's losses; Nikkei gains while yen hits 6-month low

A day after Asian stocks sank after the Trump administration announced $200 billion in new tariffs against Chinese goods, markets strongly rebounded in early trading Thursday, with investors around the region apparently gaining optimism from a 1%-plus bounce by Chinese indexes.

The Shanghai Composite closed up 2.1%, while the smaller-cap Shenzhen Composite was up 2.7%, largely making up Wednesday's losses. Hong Kong's Hang Seng Index rose 0.6%, with ZTE shares skyrocketing after the Chinese telecom was poised to resume doing business with U.S. suppliers. China's state-run shipper Cosco was up almost 1%.

Despite the yen hitting six-month lows against the dollar , domestic-driven stocks were leading the way in Japan, reflecting investors' caution about cyclical stocks. The Nikkei was up 1.1%, led by drug maker Eisai , while beverages firm Yakult Honsha and diaper maker Unicharm jumped as well. Energy stocks, however, skidded following oil's overnight slump. Explorer Inpex and distributor JXTG were both off more than 3%.

In South Korea, the Kospi rose slightly despite tech-sector declines, dragged by Samsung and SK Hynix .

Australia's S&P/ASX 200 was up 0.8% despite the overnight slump in oil prices. Shares of Oil Search dropped early, but recovered as the trading day went on. Markets in Taiwan , Singapore and Malaysia also posted gains. New Zealand's NZX-50 was the only regional index in the red, down 0.1%.

Stocks mentioned in the article
ChangeLast1st jan.
CHINA-SHANGHAI COMP 2.04% 2829.15 End-of-day quote.-14.63%
COSCO SHIPPING DEVELOPMENT CO LTD 0.43% 2.34 End-of-day quote.-31.67%
EISAI CO., LTD -0.31% 11150 End-of-day quote.71.62%
HANG SENG 0.79% 28228.12 Real-time Quote.-6.44%
INPEX CORP 0.22% 1159 End-of-day quote.-19.09%
JXTG HOLDINGS INC 1.31% 803 End-of-day quote.6.51%
KOSPI COMPOSITE INDEX 0.07% 2287.81 Real-time Quote.-7.10%
NIKKEI 225 -0.29% 22697.88 Real-time Quote.0.00%
OIL SEARCH LIMITED 1.05% 8.66 End-of-day quote.10.01%
S&P/ASX 200 0.37% 6285.9 Real-time Quote.3.26%
SAMSUNG ELECTRONICS CO LTD --End-of-day quote.
SK HYNIX INC --End-of-day quote.
UNICHARM CORP 0.11% 3508 End-of-day quote.18.11%
YAKULT HONSHA CO., LTD. 1.97% 7780 End-of-day quote.-9.32%
ZTE CORPORATION --End-of-day quote.
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