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Asian stocks rebound as risk sentiment seeps back

FXStreet (Mumbai) - Stocks on the Asian bourses stages a solid come-back on Wednesday tracking the positive Wall Street close and rebounding risk sentiment, reversing heavy losses booked yesterday.

Nikkei leads Asia higher

The Japanese benchmark, the Nikkei reversed previous losses and rallied as yen weakened versus the US dollar amid re-emerging risk-appetite and weak Japan’s retail sales data, thereby offering support to the export-oriented stocks. Japan’s retail sales were up 0.8% y/y in August, missing expectations for an increase of 1.2%, against a 1.8% jump in July. At the moment, USD/JPY trades 0.04% higher at 119. 77 while the Nikkei climbs 1.84% to 17,243.

The benchmark Australian S&P/ASX 200 mirrors gains from its other Asian counterparts, despite downbeat Australia’s fundamental released earlier on the day. The rebounding banking and resource stocks drive the index to 4,979 points, up 1.24% so far.

The Chinese markets are breaking higher, with the Shanghai Composite advancing 0.18% to 3,043 points. While Hong Kong markets rebounded sharply and now gains over 1% to 20,778.

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