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European, Japanese stocks recover after recent drops
(MENAFN) European stocks staged a recovery after reaching a six-month low in their previous session, driven by a rebound in Asian markets and bolstered by favorable corporate earnings reports. During trading, the pan-European STOXX 600 index increased by 0.29 percent, bouncing back from a sharp three-day decline that marked its steepest drop since June 2022.
On the same day, the German DAX climbed by 0.22 percent and the British FTSE rose by 0.24 percent, while the French CAC 40 index experienced a slight decrease of 0.23 percent. The travel sector saw notable gains, particularly with a 2.1 percent rise in InterContinental Hotels Group shares following strong second-quarter results. Additionally, Zalando shares surged by 4 percent after the online retailer reported an 18.5 percent increase in operating profit for the same period.
In Japan, stocks rebounded sharply following significant declines in the previous session. The Nikkei 225 and Topix indices, which had suffered their largest losses since the Black Monday crash of 1987, saw remarkable gains. The Nikkei 225 surged by approximately 10 percent, closing at 34,675.46, marking its highest daily gain since October 2008 and the largest increase ever in terms of index points.
Meanwhile, the Topix index rose by over 9 percent, closing at 2,434.21 points. These gains helped both indices return to positive territory for the year. The recovery followed a challenging period marked by the Bank of Japan's recent interest rate hike to its highest level since 2008, which had previously exerted pressure on stocks and strengthened the yen. Global market concerns, including fears of a U.S. recession due to weaker-than-expected jobs data and carry trading impacting the yen, had contributed to recent volatility.
On the same day, the German DAX climbed by 0.22 percent and the British FTSE rose by 0.24 percent, while the French CAC 40 index experienced a slight decrease of 0.23 percent. The travel sector saw notable gains, particularly with a 2.1 percent rise in InterContinental Hotels Group shares following strong second-quarter results. Additionally, Zalando shares surged by 4 percent after the online retailer reported an 18.5 percent increase in operating profit for the same period.
In Japan, stocks rebounded sharply following significant declines in the previous session. The Nikkei 225 and Topix indices, which had suffered their largest losses since the Black Monday crash of 1987, saw remarkable gains. The Nikkei 225 surged by approximately 10 percent, closing at 34,675.46, marking its highest daily gain since October 2008 and the largest increase ever in terms of index points.
Meanwhile, the Topix index rose by over 9 percent, closing at 2,434.21 points. These gains helped both indices return to positive territory for the year. The recovery followed a challenging period marked by the Bank of Japan's recent interest rate hike to its highest level since 2008, which had previously exerted pressure on stocks and strengthened the yen. Global market concerns, including fears of a U.S. recession due to weaker-than-expected jobs data and carry trading impacting the yen, had contributed to recent volatility.
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