A pedestrian walks past electronic boards showing the Japan’s Nikkei average outside a brokerage in Tokyo, Japan, September 9, 2015. Reuters/Yuya Shino
Most Asian stock markets rallied on Wednesday after sliding to 3-year lows but concerns lingered over a weak outlook for commodities and China’s economic growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent at 2137 EDT after plumbing its lowest since June 2012 on Tuesday on fears that China’s slowdown would curb its huge appetite for commodities and resources.
The index was on track for a 4 percent decline in September, extending losses for the quarter to 18.5 percent, the worst quarterly performance in four years.
Demand for the safe-haven yen eased in early Tokyo trade as global stocks steadied and some semblance of calm returned to markets, but traders said month-end and quarter-end flows meant that volatility is likely to remain a feature.
Currency traders said U.S. nonfarm payrolls data due on Friday could help strengthen, or weaken, the case for the Federal Reserve raising U.S. interest rates before the end of the year. In any case, the outcome of the report should set the tone for the dollar.
The market will also be keeping an eye on Fed Chair Janet Yellen, who is due to give welcome remarks at a conference later on Wednesday.
Commodity currencies languished while the U.S. dollar stood tall. The Canadian dollar stood near an 11-year low of C$1.3463 per dollar struck overnight.
The greenback, meanwhile, slipped 0.1…