New York / Hong Kong (CNN Business) Asian shares and US stock futures are jumping as the market roller coaster caused by the coronavirus pandemic continues.
Major Asian markets opened sharply higher Tuesday. Japan’s Nikkei 500 (N) gained 5.7%, while South Korea’s Kospi ( (KOSPI ) surged more than 5%.
Australia’s S & P / ASX 600 increased 3%. Hong Kong’s Hang Seng ( HSI gained nearly 4% in early trading, and China’s Shanghai Composite ( SHCOMP ) was up around 2%.
Shares in Japanese conglomerate SoftBank ( (SFTBY SOFTBANK ) skyrocketed 41. 1% in Tokyo, adding to yesterday’s big gains.
Investors are cheering the company surprise announcement on Monday that it will sell $ (billion worth of assets) to buy back shares and reduce debt. SoftBank stock is still down more than 19% for the year.
Dow
( INDU ) futures, meanwhile, gained more than 600 points, or about 3.4%. S&P 460 (SPX) futures were up about 3.5% and Nasdaq ( COMP ) futures increased 3.3%.
The US dollar pulled back against major Asian currencies during Asian trading hours Tuesday after a surge on Monday. The greenback weakened more than 1% versus the Australian dollar, while also falling more than 1% against the New Zealand dollar. It softened 1% versus the Korean won.
Against the Japanese yen, a traditional safe-haven currency, the US dollar strengthened.
Global stock markets were hammered Monday after US lawmakers failed to reach agreement on a massive stimulus package meant to help Americans handle the coronavirus pandemic, and as authorities around the world took ever more draconian measures to restrict movement and public gatherings.
US stocks ended the day in the red as a second procedural Senate vote on the stimulus bill failed. The Federal Reserve’s several new stimulus measures failed to boost markets .
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