Aug 27, 2015
By Jane Brown
Asian investors were buying today!
Hong Kong’s Hang Seng closed the day 3.6 percent higher. Japan’s Nikkei index gained 1.1 percent and China’s Shanghai index ended several days of losses to close 5.3 percent higher.
Markets are also up in Europe in mid day trading.
Major gains were posted by the Toronto and New York markets yesterday, as buyers flocked back following the sharp drops of recent days. The increase in New York broke a six-day string of losses that wiped out some two-trillion-dollars in stock value in the U-S.
The recovery brought some relief to many investors, although experts warn more volatility could be ahead.
“Clearly some momentum and people seeing some buying opportunity. I heard one commentator saying you could have the belief that people think we’ve bottomed…I think it’s quite premature to say anything like that,” said Zoomer Radio analyst Kim Parlee of TD Wealth Management.
Analysts say traders were encouraged by comments from the head of the New York Federal Reserve Bank that the case for a U-S interest rate hike in September is less compelling to him than it was a few weeks ago, given China’s troubles, falling oil prices and weakness in emerging markets