US stock markets remain volatile following steep losses

US stock exchange

Asian shares saw a broad rebound on Wednesday, mirroring the bounce-back rally on Wall Street, though gains were in a modest range and most benchmarks gave up some gains after opening sharply higher. Japan's Nikkei 225 index yesterday saw its biggest single-day fall since 1990, but edged up today.

But a massive fall in share prices prompted an about-turn, and in Asian trade on Tuesday, it fell back to as low as 2.662%. Australia's benchmark S&P/ASX 200 slipped 3.2%. Hong Kong's Hang Seng skidded 5.1 percent and South Korea's Kospi declined 1.5 percent.

The global equity sell-off had been building since last Friday when traders became spooked by the prospect of tighter monetary policy after the U.S. posted strong average earnings data.

Some analysts also say markets tend to get edgy when the US Federal Reserve has a new leadership.

"However the timing is unfortunate given the equity market moves we have seen in the USA yesterday".

"This increased volatility had been one that the market was anticipating at the start of the year, but certainly took its time to arrive and may retain a spot in the market after this week's tumultuous turn".

Trading volume of more than 12.3 billion shares marked the busiest trading day since just after the November 2016 election, and topped Monday's volume of 11.7 billion.

A dramatic sell-off began last week after economic data in the United States showed stronger wage growth. Retailers including Amazon and Home Depot made small gains, a possible sign of confidence the USA economy will keep growing.

Bond yields reversed after a sharp drop Monday.

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"The markets went into being religiously over-bought to deeply over-sold in a matter of four trading days", said Adam Sarhan, chief executive of 50 Park Investments, an investment advisory service.

The 10-year U.S. treasuries yield rose to as high as 2.885% on Monday, its highest in four years and up 47 basis points since the end of 2017.

The S&P 500 Index plunged as much as 2.1 per cent at the open of trading Tuesday before regaining ground.

Heading into the afternoon, the Dow Jones Industrial Average had fallen 59.07 points, or 0.24 percent, to 24,286.68, the S&P 500 lost 13.09 points, or 0.49 per cent, to 2,635.85 and the Nasdaq Composite dropped 2.63 points, or 0.04 per cent, to 6,964.90. The S&P 500 ended 6.2 percent below its January 26 peak.

After the end of regular trading on Tuesday, S&P 500 e-mini futures were down 0.4 percent. That's less than the 10 percent seen as a correction. The last market correction ended nearly two years ago.

But a key United States jobs report on Friday, showing better-than-expected wage data, spooked sentiment because it raised the prospect of the USA central bank raising interest rates at a faster pace to cool inflation.

US crude oil fell 36 cents to $63.79 a barrel in NY.

In currency trading, the dollar fell to 109.32 yen from 109.54 yen late Tuesday. The euro fell to $1.2355 from $1.2399.

The FTSE 100 Index crashed by more than 250 points on Tuesday as global markets shuddered following the biggest one-day fall in the Dow Jones in six years.

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