Shares rebounded in Europe and Asia on Tuesday after a brutal sell-off that gave the U.S. stock market its worst loss in over 30 years, with many economies grinding to a standstill in hopes of containing the spread of the coronavirus.
Paris, London, Hong Kong and Sydney logged solid gains while Tokyo’s benchmark was flat.
“Market experts actually originally predicted at least a 1,000 point crash for the Hang Seng index. But surprise, surprise, there was bottom fishing. Investors went bargaining hunting,” said Francis Lun, a stock analyst in Hong Kong.
Australia’s benchmark led the gains, jumping 5.8 per cent after a 7 per cent plunge on Monday as investors snapped up miners and banks. Tokyo’s Nikkei 225 climbed 0.8 per cent at one point but barely eked out a gain, adding less than 10 points to 17,011.53.
In early European trading, the CAC 40 in Paris rose 3.4 per cent to 4,012.99 after the government announced $50 billion in aid for individuals and businesses. Germany’s DAX gaine 3 per cent to 9,004.71. Britain’s FTSE 100 fell back from early gains, shedding 0.2 per cent to 5,143.06.
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