Markets slowly recover after global stumble

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The technological representatives were moving green, and Samsung Electronics shares gained 2.64%, while the chip maker SK Hynix expanded by 0.41%.

Shipbuilders were in negative territory, with Samsung Heavy closing down 3.51 percent. Financials also traded higher in the early going. Hyundai Heavy Industries slipped 0.38 percent after it reported a miss on fourth-quarter earnings on Friday after the market close. Energy-related stocks were down 0.43 percent despite oil prices rebounding after sliding for six straight sessions.

Gold producers were also weak: Newcrest Mining and Evolution Mining were down 1.22 percent and 3.23 percent, respectively. Australian retailers were in the red, with Myer underperforming its peers in the sector and trading down 4.7%.

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The Japanese stock market was closed on Monday due to the nation's founding day. For the week, the three indexes finished down more than 5 percent. It fell $1.98 the previous session.

Shortly before midday in London, the FTSE 100 was trading up 1.2 per cent, or 83.5 points, at 7,175.94.

"With powerful United States economic signals and interest rates most certainly to rise quicker than expected, last week's tumult could be little more than the start of the equity rollercoaster", said Stephen Innes, head of Asia-Pacific trading at OANDA. The Nasdaq composite gained 74 points, or 1.1%, to 6,948.

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"The severity of the falls globally. suggest we may have already seen the worst, but with bond yields likely to go back up further and uncertainty about how much the unwinding of short volatility positions has to go, further weakness can not be ruled out in the short term", Shane Oliver, head of investment strategy at chief economist of AMP Capital, said in a Friday note. The global rout in stock markets began earlier this month when the Dow lost 666 points after a stronger-than-expected jobs report saw US bond yields rise. Those declines came on the back of rising production and the firmer dollar last week. US West Texas Intermediate edged up 0.29% to trade at $59.37 per barrel after falling below the $59 level on Friday for the first time this year.

On currency markets, the dollar suffered further selling against the safe-haven yen, while the euro and the pound held their gains against the greenback on expectations of tighter borrowing costs in Europe and Britain.

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