Tokyo stocks edge up in volatile trade after Wall Street rally

The slump began on Friday

Stocks ended slightly higher on the Tokyo Stock Exchange Wednesday, after staging a sharp rebound in tandem with USA equities.

Japan's Nikkei index and Hong Kong's Hang Seng surged in early trading, then dropped, with the former closing up 0.16 percent and the latter closing down 0.89 percent.

A short time ago, futures on London's FTSE index were trading around 0.4% lower after United Kingdom stocks dipped by 1.46% on Monday.

The market turmoil began early last week but has now intensified.

This is due to inflation fears after strong United States jobs data at the end of last week that triggered a surge in bond yields and led to sell-off across U.S. stock markets.

The dollar was changing hands at ¥109.43 today against ¥109.57 in NY.

The rebound in stock prices spread to Europe, but markets remained on edge as Asian equities pared their advance while USA futures retreated. In the banking sector, Sumitomo Mitsui Financial is adding more than 2 percent and Mitsubishi UFJ Financial is higher by nearly 3 percent.

On Wall Street, all but two S&P 500 index sectors ended higher, with economically sensitive materials, technology and consumer discretionary indexes posting the biggest gains.

It may take a couple of weeks for market players to confirm whether the sell-off is short-lived, he said.

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The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, added 6.50 points higher, or 0.37 percent, to finish at 1,749.91.

The benchmark Nikkei index, which fell almost 5% yesterday to suffer the worst loss since the November 2016 election of Donald Trump as U.S. president, bounced back 3.06%, or 660.32 points, to 22,270.56 by the end of this morning's session.

The index, which is comprised of 30 big-name US companies, was up 19 points, or 0.1 percent, to 24,370 as of 2:39 p.m.

On the flip side, Japan Tobacco is losing more than 3 percent, Mitsui Engineering & Shipbuilding is lower by more than 2 percent and Marubeni Corp.is down more than 1 percent. Gold rose 0.4 per cent to $1,329.82 an ounce.

Copper lost 1.30 percent to $7,075.85 a tonne. It was a similar story on Germany's DAX, which was 3 percent lower at 12,308. Earlier, volatile equity markets led investors to seek out lower-risk bonds, but many investors remained nervous after a week-long bond rout sent yields on Monday to four-year highs.

Most other regional share benchmarks gave up between 2 percent to 4 percent.

The growing concerns about the pace of interest rate hikes came after U.S.jobs data on Friday showed wages were growing at their fastest pace since 2009. Higher interest rates can weigh on companies' earnings and wreak havoc in bond markets.

"Once rates started moving, that kind of exposed some of these levered short VIX sales".

"Traders are getting nervous there is more to come", said Greg McKenna, chief market strategist at currency trading platform AxiTrader.

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