Markets in Asia rebounded after U.S. President Donald Trump walked back on his threat to impose tariffs on European countries over Greenland.
In Japan, the Nikkei 225 shook its losing streak with a vengeance, winning back 914.25 points, or 1.7%, to 53,688.89.
Japan saw its December trade figures released today, with the 5.1% export growth missing Reuters-polled analysts’ estimates.
Hong Kong’s Hang Seng index gained 44.9 points, or 0.2%, to 26,629.96.
Trump also said at the World Economic Forum in Davos that he would not use force to acquire the Arctic island, calming nerves over a possible U.S. military action, adding that he had “formed the framework of a future deal with respect to Greenland,” along with NATO Secretary General Mark Rutte.
Korean markets soared. Battery maker Samsung SDI soared 18.67%, while conglomerate Doosan gained 9.09%, and heavyweight Samsung Electronics climbed 1.87%.
The country’s economy unexpectedly shrank 0.3% on a quarterly basis in the October to December period, its sharpest contraction since 2022.
Gross domestic product grew 1.5% year on year, while full-year economic growth slowed to 1%, the weakest since 2020, when output contracted 0.7% during the pandemic.
In other markets
The CSI 300 in Shanghai cleared breakeven 0.64 points to 4,723.71.
In Korea, the Kospi collected 42.6 points, or 0.9%, to 4,952.53.
In Taiwan, the Taiex recovered 499.71 points, or 1.6%, to 31,746.08.
In Singapore, the Straits Times Index regained 18.44 points, or 0.4%. to 4,852.53.
In New Zealand, the NZX 50 picked up 139.7 points, or 1%, to 13,556.87
In Australia, the ASX 200 restocked 65.83 points, or 0.8%, to 8,848.71.
