Asian markets rally as fears of rate hikes ease

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Asian markets rallied strongly as fears of further U.S. rate hikes subsided. Improved risk appetite followed lower Treasury yields and a stronger U.S. market. South Korea led the rebound after a volatile session, with the KOSPI rising 1.09%. Samsung and SK Hynix surged more than 7%. The Nikkei climbed 0.67%, the Hang Seng rose 2.22%, and the SSE Composite increased 0.70%.
CoinDesk reports:

As concerns over further U.S. interest rate hikes eased, major Asian stock markets generally rebounded. Strength in U.S. equities and a decline in U.S. Treasury yields improved regional risk appetite, with Korea’s stock market recovering after sharp volatility in the previous trading session.

Asian stock markets rose broadly.

South Korea's KOSPI rose 1.09%, Japan's Nikkei increased 0.67%, Hong Kong's Hang Seng Index gained 2.22%, and China's Shanghai Composite advanced 0.70%. Market sentiment improved, primarily driven by weakening expectations around Fed policy.

The Korean stock market experienced significant volatility the previous day.

Before this rebound, the KOSPI fell nearly 3% during trading on Wednesday, reaching a low of 6,641.94 points, before quickly recovering. KOSPI 200 futures surged as much as 5%, triggering a circuit breaker, indicating significantly increased intraday volatility.

Tech stocks drive the rebound

Individually, Samsung Electronics and SK Hynix both rose more than 7%. The strength of these two major tech stocks served as the primary driver behind South Korea’s market rebound.

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