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Asia markets rebound after slide Asia markets rebound after slide
(10 minutes later)
Asian stock markets have rebounded, following a global sell-off on Wednesday sparked by concerns about the US economy and mortgage industry.Asian stock markets have rebounded, following a global sell-off on Wednesday sparked by concerns about the US economy and mortgage industry.
Late closing gains on Wall Street and the falling value of the yen helped lift battered Asian stocks.Late closing gains on Wall Street and the falling value of the yen helped lift battered Asian stocks.
Japan's benchmark Nikkei index, which lost almost 3% on Wednesday, rose 1.1% to 16,860.39.Japan's benchmark Nikkei index, which lost almost 3% on Wednesday, rose 1.1% to 16,860.39.
China's main stock index - the Shanghai Composite - gained 1.2%, while Hong Kong's Hang Seng index rose 0.8%.China's main stock index - the Shanghai Composite - gained 1.2%, while Hong Kong's Hang Seng index rose 0.8%.
Leading European stock markets, which were also hit heavily by Wednesday's sell-off, were expected to open higher.Leading European stock markets, which were also hit heavily by Wednesday's sell-off, were expected to open higher.
Market turmoil
Until we get a resolution to the issues that we are seeing in the US sub-prime market, and see what impact it is going to have on the global economy, we are likely to see a lot of volatility Simon Doyle, Schroder Investment Management
"The Nikkei has recouped just half the losses it sustained yesterday," said Yasuo Yabe, director of sales at Tokyo's Meiwa Securities."The Nikkei has recouped just half the losses it sustained yesterday," said Yasuo Yabe, director of sales at Tokyo's Meiwa Securities.
"Investors are pondering whether sub-prime mortgage problems will have a broader economic impact or not.""Investors are pondering whether sub-prime mortgage problems will have a broader economic impact or not."
Wednesday's round of selling was prompted by concerns over the US sub-prime mortgage market.
Sub-prime lenders, who target consumers with poor credit histories, have been hit by an increase in defaults and bad loans.
Figures have shown that late mortgage payments and home repossessions in the US are at their highest level since records began.
Overnight, the US Dow Jones index closed up 57.44 points, or 0.48%, at 12,133.40. The technology-laden Nasdaq closed up 0.9%, while the broader Standard & Poor's 500 index closed up 0.7%.Overnight, the US Dow Jones index closed up 57.44 points, or 0.48%, at 12,133.40. The technology-laden Nasdaq closed up 0.9%, while the broader Standard & Poor's 500 index closed up 0.7%.
However, analysts warned that the stock market turmoil which has swept across global exchanges over the past few weeks may not have fully run its course.However, analysts warned that the stock market turmoil which has swept across global exchanges over the past few weeks may not have fully run its course.
"Until we get a resolution to the issues that we are seeing in the US sub-prime market, and see what impact it is going to have on the global economy, we are likely to see a lot of volatility," said Simon Doyle, head of strategy at Schroder Investment Management in Australia."Until we get a resolution to the issues that we are seeing in the US sub-prime market, and see what impact it is going to have on the global economy, we are likely to see a lot of volatility," said Simon Doyle, head of strategy at Schroder Investment Management in Australia.