Asian shares bounce sharply
US and European share futures jumped on Wednesday, oil rose and Asian stocks were heading for their best day in nearly two months as traders reversed course after a sharp selloff the day before took the regional benchmark to a 12-month low.
Competing for the limelight, US Treasury yields climbed steadily after US Fed chair Jerome Powell signalled the Fed may speed up the pace of its bond-buying taper at its meeting later this month.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.3 per cent, which would be its best daily gain since early October, as traders decided Tuesday's declines, which sent the benchmark to its lowest since November 2020, had gone too far.
While that helped the regional benchmark walk back this week's selloff, it is still sitting about 2 per cent below Thursday's close before news of the latest variant of the new coronavirus derailed markets.
The share rally in Asia looked set to continue into European and US trading.
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