Asian markets staged a strong rebound yesterday after last week's dismal showing. Nowhere was this more evident than in Tokyo, where the Nikkei 225 Index surged 7.2 per cent after slumping 11 per cent last week. Singapore was also one of the region's stronger performers yesterday, chalking up a 2.68 per cent gain.
Amid the good cheer, investors shrugged off weaker-than-expected trade data from China that showed both imports and exports had fallen last month, leaving the world's second-largest economy with a record trade deficit.
Shanghai, reopening after a one-week Chinese New Year break, started the day 2 per cent lower but recovered ground throughout the day, ending with just a 0.6 per cent dip, aided by the strengthening of the yuan.
Still, analysts say this is unlikely to be the end of the market turmoil that has rocked Asian markets since the year started, as concerns about China's slowing growth and declining oil prices persist.