Asia’s stock markets snapped their longest losing streak since February on Thursday and rose following a bounce on Wall Street, though subdued trade in currency, commodity and bond markets suggested investors remain cautious about the outlook.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained half a percent, lifting away from a one-month low made on Wednesday.
Japan’s Nikkei rose 0.5% and markets in Shanghai \ and Hong Kong opened higher. But pressure returned to the oil price on worries about soft demand, a harbinger of weaker global growth.
An overnight rally in riskier currencies also paused, as foreign exchange traders look for the European Central Bank’s tone at its meeting later on Thursday to guide the next move for the euro, dollar and the broader market.
S&P 500 futures and Nasdaq 100 futures each fell 0.4% in Asia.