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Nikkei Asia300 Index rebounds after U.S. equities gain

Samsung, State Bank of India, Singapore Exchange among major movers

MUMBAI (NewsRise) -- Asian stocks outside of Japan, tracking a recovery in U.S. equities, rebounded Monday, even as investors braced for more volatility this week.

The Nikkei Asia300 Index advanced 0.6% to 1,398.82, after slumping 7.5% in the previous week.

At the end of another choppy session on Friday, the S&P 500 Index closed 1.5% higher. While the advance does provide a measure of relief, it is unlikely that the increase in volatility witnessed last week will abate in coming days. With the U.S. retail inflation data for January due this Wednesday, It is expected to be another turbulent week on Wall Street.

Economists polled by Reuters expect the headline CPI inflation to slow to 1.9% from 2.1% in the previous month. The data gathers significance as worries related to increase in inflation expectations and its potential effect on interest rates have been blamed for the recent turmoil in financial markets.

On the A300, Samsung Electronics added 2.3% as the South Korean conglomerate recovered from its 12% tumble over the last two weeks.

Singapore Exchange tumbled 7.4% following a joint decision by the National Stock Exchange of India, Bombay Stock Exchange, and Metropolitan Stock Exchange of India to stop providing market data to foreign exchanges and other entities once the current deals lapse. SGX's Nifty 50 Index futures, which are a derivative of NSE's Nifty 50, account for about 12% of its derivatives volumes.

Hong Kong-shares of Dongfeng Motor Group rose 0.4% after reporting a 17.3% increase in January sales volume.

State Bank of India, the nation's biggest lender, dropped 2.7% after reporting a surprise loss for the December quarter as bad loan provisions increased. Tata Steel rose 4.2% after third-quarter profit jumped about five-fold. Oil & Natural Gas Corp. added 1.7% after reporting a better-than-expected 15% increase in net profit for the same period.

In country indexes compiled by Nikkei, South Korea advanced 1.1% and Taiwan rose 0.9%. China added 0.5%, while Hong Kong ended little changed. India closed 0.4% higher.

The Nikkei Asia300 ASEAN Index of Southeast Asian companies climbed 0.5%.

--Nimesh Vora

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