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Asian markets up as gloom dissipates

 A man looks at an electronic stock board of a securities firm in Tokyo, Monday, Sept. 5, 2011. Asia-Pacific stocks took a beating early Monday after ...

Japan World Markets

A man looks at an electronic stock board of a securities firm in Tokyo, Monday, Sept. 5, 2011. Asia-Pacific stocks took a beating early Monday after ...

Asia-Pacific markets rebounded in early trading Wednesday, as traders looked past some bleak U.S. jobs data and Europe's debt crisis to scoop up bargains following a steep selloff of equities.
Japan's Nikkei 225 index, which on Tuesday fell to its lowest level since April 2009, rose 1.4 percent to 8,714.59. A slightly lower yen helped Japan's powerhouse export sector recover from the beating it took earlier this week.
Mazda Motor Corp. jumped 3.4 percent, and Sony Corp. gained 2.8 percent. Toyota Motor Corp. rose 2.3 percent.
Markets received further good news when the Australian government said the economy expanded 1.2 percent in the quarter through June, rebounding from a 0.9 percent contraction in the previous three months. Australia's S&P ASX 200 index gained 1.9 percent at 4,153. New Zealand's NZX 50 was 0.7 percent higher at 3,294.42.
South Korea's Kospi clawed back the prior day's losses to rise 2.4 percent at 1,809.35, with blue chip high-tech stocks among those leading the way. Hynix Semiconductor, the world's second-largest memory chip maker, soared 7.4 percent. LG Electronics Inc., which ranks No. 2 globally in flat screen televisions, was 5.8 percent higher.
Softening gold prices, which recently have hit all-time highs, caused gold-related shares to decline. Newcrest Mining Ltd., Australia's top gold miner, lost 1 percent.
A wave of negative sentiment slammed global stock markets last Friday, when a government report said the U.S. economy failed to add any new jobs in August. It was the worst reading on jobs since September 2010.
But signs of growth in the U.S. service sector helped tame concerns about another U.S. recession. The Institute for Supply Management said Tuesday that the service sector grew more than analysts had expected in August.
Growth in that part of the economy, which employs nearly 90 percent of America's work force, fell the three previous months.
The Dow Jones industrial average fell 0.9 percent to 11,139.30. The Standard and Poor's 500 index dropped 0.7 percent to 1,165.24. The Nasdaq composite fell 0.2 percent to 2,473.83.
Separately on Tuesday, the Swiss franc dropped sharply after the country's central bank pegged it against the euro in an attempt to rein in the export-sapping appreciation of the currency.
The franc has been hugely in demand in recent weeks due to its widely perceived status as a safe haven during times of market volatility.
The dollar strengthened to 77.38 yen from 77.67 yen in late trading Tuesday in New York. The euro rose to $1.4027 from $1.3991. It was the first time the euro has fallen below $1.40 since July 13.

Updated : 2021-05-16 06:00 GMT+08:00