Japanese stocks suffered their biggest ever daily loss Monday as fears about a US economic slowdown sent shock waves through global markets. — Some calm is returning to Wall Street in early trading, and Japan’s stock market soared to bounce back from its worst loss since 1987. The S&P 500 was 0.6% higher early Tuesday and on track to break a scary three-day losing streak.
“Calm finally appears to be returning,” wrote Bas van Geffen of Rabobank. The Nikkei’s 10% gain didn’t make up for Monday’s loss, he said, “but at least it takes some of the ‘panic’ out of the selling.”Ride-hailing app Uber jumped 5.5% after it crushed Wall Street’s profit expectations on its biggest revenue quarter ever. Uber posted sales of $10.7 billion in the second quarter, the second straight period of $10 billion-plus sales.
The San Jose, California, company filed for Chap. 11 bankruptcy protection late Monday and said it had an agreement with Solaria to sell some of its assets for about $45 million. Its shares, which began the year close to $5 each, fell more than 40% to just 47 cents before the opening bell. Elsewhere in Asia, South Korea’s Kospi jumped 3.3% to 2,522.15. It had careened 8.8% lower on Monday.
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