Asian stocks staged a modest recovery on Wednesday, encouraged by a positive finish on Wall Street overnight and stabilization in commodity prices.
U.S. stocks broke a five-day losing streak on Tuesday; the S&P 500 led gains with a 1.2 percent bounce, while the blue-chip Dow and the Nasdaq Composite closed up 1.1 and 1 percent, respectively. Spot gold edged up slightly at $1,095.5 in early Asian trade, but remained near Friday’s five-and-a-half-year low of $1,077.
Meanwhile, oil moved away from near six-month lows on Tuesday, as bets for a drop in U.S. crude stockpiles offset worries about a global supply glut and an equity market meltdown in China. U.S. crude reversed earlier losses to settle up 59 cents at $47.98 a barrel.