Asian Stock Markets Recover in Late Trade on ECB Stimulus Measures
Asian stock markets largely recovered in late trade, with trading volatile in the wake of the ECB’s latest stimulus measures.
On March 10, markets had initially cheered the European Central Bank’s move to cut rates and expand its quantitative easing plan.
However, hints later that the ECB might not cut rates further saw European and US markets go into reverse.
In Japan, the Nikkei 225 index fell 1% at first, but then recovered to end the day up 0.5% at 16,938.87.
In China, investors were looking ahead to some fresh economic data expected out of Beijing on March 12.
Analysts said retail sales may show some improvement over the combined January and February period, but that they were expecting industrial production and fixed-asset investment numbers to support the outlook for a continued overall economic slowdown in China.
March 12 numbers will combine January and February activity on the mainland in order to avoid any irregularities that could appear due to the Lunar New Year holiday.
Hong Kong’s Hang Seng index closed up 1.1% at 20,199.60, while the Shanghai Composite rose 0.2% to 2,810.31.
In Australia, the benchmark S&P/ASX 200 fell at first, but then recovered to close up 0.3% at 5,166.39.
South Korea’s Kospi index ended the day 0.1% higher at 1,971.41.