MARKETS US stocks staged a fierce late rally on Tuesday after speculation that Japan could cut interest rates helped fuel a sharp reversal in the yen, easing concern about a sudden unwinding of the so-called yen carry trade.
The rebound in US equities gathered pace in the final hour of trading as feared redemption requests from retail investors failed to materialise, with the S&P 500 index closing up 10 per cent at 940.27. Earlier, European shares rose for the first time in six sessions, with the UK’s FTSE 100 closing 1.9 per cent higher, following a bigger bounce in markets across Asia.
