Asian stocks rebounded on Wednesday after a sharp selloff triggered by a tech-led slump on Wall Street that reignited fears of overvalued markets. The volatility pushed regional indexes to their most turbulent levels since April. Tokyo's Nikkei index dropped nearly 7 per cent from Tuesday's record high before trimming losses to close 2.8 per cent lower, while South Korea's Kospi recovered part of a 6.2 per cent plunge to end down 3 per cent. MSCI's Asia-Pacific index excluding Japan lost up to 2.3 per cent before narrowing the decline to 1 per cent. Investors turned cautious after executives from major US banks, including Morgan Stanley and Goldman Sachs, warned that stock valuations might be unsustainable, echoing earlier remarks from JPMorgan Chase's Jamie Dimon about a possible correction. Tech-heavy shares led the retreat, with Japan's SoftBank tumbling 14 per cent and South Korea's SK Hynix and Samsung Electronics down 9 per cent and 7.8 per cent, respectively. Chinese equities, however, managed to recover after an early dip, with the CSI 300 edging up 0.2 per cent as Beijing announced a one-year suspension of an additional 24 per cent tariff on US goods. In currency markets, the dollar slipped 0.1 per cent against the yen to 153.51, while the euro strengthened slightly to $1.1491. US Treasury yields eased, with the 10-year note hovering around 4.07 per cent. Bitcoin briefly fell below $100,000 before rebounding 1.5 per cent to $101,814.50. Attribution: Reuters
