Asian markets bounce from sell-off

ASIAN markets rose yesterday to claw back some of the previous day’s hefty losses as investors tracked a bounce on Wall Street sparked by jobs data that soothed worries about the US economy.

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Signs that a majority of the US Supreme Court was sceptical about the legality behind a swath of President Donald Trump's sweeping tariffs also provided a little support.

Trader sentiment crept back after this week's selloff that came on the back of growing worries that the tech-fuelled AI rally that has characterised markets this year has led to a bubble that could soon pop.

The rush for cover - which tracked big losses on Wall Street - hammered some regional giants, including Japanese tech investor SoftBank and South Korean chipmakers Samsung and SK hynix.

However, New York investors enjoyed a much happier this week after figures from payrolls firm ADP showed US private sector employment jumped far more than expected last month, having surprisingly fallen the month before.

That came as a separate report indicated that activity in the crucial services industry grew far more than estimates suggested.