A sell-off fever has gripped the Japanese market. Fears of a US recession prompted Yen buying making the Japanese currency soar. However, that hurts Japan's exporters. Automakers were hammered.
Wall Street's dismal performance has had profound knock-on effects on global markets. Analysts have warned that the downward spiral is likely due to tariff-related effects on US companies, citing rising basic costs.
Asian shares have jumped to three-week highs following a report that US President Donald Trump is aiming for a swift trade deal with China. The news came only days after Washington had threatened more punitive tariffs.
China's top financial officials have moved to reassure investors amid a sharp fall in Chinese stocks. In rare joint statements, they described the recent rout as "abnormal" and vowed to take steps to curb the sell-off.
Pakistani shares have rallied after news that Islamabad's staunch ally, Saudi Arabia, had offered a huge rescue package for the economy. The shot in the arm comes as Pakistan faces a huge lack of currency reserves.
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