In an extraordinary round trip over the past week, world markets have rebounded sharply from days of turbulence - thanks in part to Bank of Japan almost apologising on Wednesday for its role in the ruckus - and traders now try to figure out what's next.
The dollar/yen exchange rate has now rebounded 4% from Monday's 7-month low to reclaim a foothold above 147. If worries about pricey tech stocks and a reappraisal of the artificial intelligence theme was another reason for last week's upheaval, then Super Micro Computer's miss overnight may keep nerves jangling in that sector.
And there are some big winners despite the recent tech wobble. Uber's results beat Wall Street estimates on Tuesday on the back of steady demand for its ride-sharing and food-delivery services, lifting its shares 5%.But a hefty 41 basis points of cuts next month is still priced by futures market and more than 100bps is still in the mix by the yearend.
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