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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 1.82% 2699.95 End-of-day quote.-18.53%
COSCO SHIPPING DEVELOPMENT CO LTD 1.76% 2.31 End-of-day quote.-33.43%
EISAI CO., LTD 3.15% 10655 End-of-day quote.64.00%
HANG SENG 0.58% 27092.93 Real-time Quote.-9.49%
INPEX CORP 2.23% 1350 End-of-day quote.-5.76%
JXTG HOLDINGS INC 3.89% 802 End-of-day quote.6.38%
KOSPI COMPOSITE INDEX 0.31% 2308.9 Real-time Quote.-6.18%
NIKKEI 225 1.41% 23420.54 Real-time Quote.1.45%
OIL SEARCH LIMITED -1.92% 8.68 End-of-day quote.13.61%
S&P/ASX 200 0.32% 6177.8 Real-time Quote.1.98%
SAMSUNG ELECTRONICS CO LTD --End-of-day quote.
SK HYNIX INC --End-of-day quote.
UNICHARM CORP 2.81% 3847 End-of-day quote.29.53%
YAKULT HONSHA CO., LTD. 3.41% 8790 End-of-day quote.2.45%
ZTE CORPORATION --End-of-day quote.
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