Stocks rise as calm returns after heavy selloff

Stocks rose and the safe-haven dollar edged down on Tuesday as investors paused for breath after a steep selloff, but concerns remain about aggressive central bank interest rate hikes and risks of a global recession, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.3%, edging up from a more than five-week low hit and set for its best day in around two weeks. Japan’s benchmark Nikkei average (.N225) gained 2.22%.

Gains were broadbased, but Chinese tech names were among the leaders with Hong Kong-listed firms (.HSTECH) up 1.9%.

European shares were also set to extend the previous day’s gains with EUROSTOXX 50 futures up 0.6% and FTSE futures gaining 0.5%.

U.S. markets, which were closed on Monday for a holiday, looked set for a bigger pop at the open with S&P 500 e-mini share futures 1.63% higher and Nasdaq e-mini share futures advancing 1.76%.