Asian Markets Bounce Back

Asian shares bounced back Tuesday from a worldwide slump in financial markets spurred by worries about how badly the omicron variant, inflation and other forces will hit the world economy, the Associated Press reported.

Tokyo’s Nikkei 225 index rose 2.1% to 28,517.59 and the Hang Seng in Hong Kong added 1.2% to 23,024.78. In Seoul, the Kospi gained 0.4% to 2,975.03, while the Shanghai Composite index picked up 0.9% to 3,626.48. In Sydney, the S&P/ASX 200 climbed 0.9% to 7,355.00.

Oil prices also rebounded Tuesday, with the U.S. benchmark gaining 85 cents to $69.46 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard for pricing, rose 64 cents to $72.16 per barrel.

In currency trading, the U.S. dollar rose to 113.73 Japanese yen from 113.61 yen. The euro fell to $1.1276 from $1.1283.