Asia markets in recovery mode after midweek tumble

Asia markets in recovery mode after midweek tumble

International News

Asian stock markets continued to recover after a midweek sell-off and as a highly anticipated vote on US healthcare reform was pushed back until later on Friday. Global markets are in recovery mode after a sharp midweek tumble that handed a number of equities benchmarks their worst one-day falls since the US presidential election, and in the case of the S&P 500, since October. Divisions within the US Republican party over President Donald Trump’s plans to repeal Obamacare spurred concerns among investors that Mr Trump might struggle to get his other pro-business policies passed. The vote has been delayed to later on Friday, with Mr Trump issuing an ultimatum to House Republicans that they either pass the bill overhauling the nation’s healthcare system or reject it and he will move on to the rest of his legislative agenda. The S&P 500 closed 0.1 per cent lower on Thursday but futures are now tipping the benchmark to open 0.3 per cent higher following the president’s ultimatum. The US dollar index is 0.2 per cent higher at 99.908, eyeing its first back-to-back daily gain in almost a fortnight.