Asia

Japanese stocks took their cue from rallies in Europe and on Wall Street to rebound sharply on Monday, shrugging off data that showed Japan's economy contracted more than expected in the final quarter of 2015.

Japan's economy shrank more than expected in the final quarter of last year as consumer spending and exports slumped, adding to headaches for policymakers already wary of damage the financial market rout could inflict on a fragile recovery.

Japan's Nikkei share average stumbled to a fresh 16-month low in heavy trade on Friday, and posted the biggest weekly drop since 2008 as investors scrambled to dump risky assets.

Hong Kong shares plunged on Thursday led by mainland-related stocks, with the Hang Seng Index marking its worst daily performance since August.

Japan's Nikkei share average closed at its lowest level since October 2014 on Wednesday as worries about the health of global banks and economic growth intensified.

Japan's Nikkei share average posted its biggest daily drop in nearly three years on Tuesday, with banks taking the brunt of the sell-off, while a stronger yen dragged down stocks across the board.

Tokyo shares on Monday soared to near one-month highs in heavy volume as the Bank of Japan's surprise decision to adopt negative interest rates spurred further buying.

The hedge fund billionaire had been urging Sony to spin off part of its entertainment business.

Billionaire hedge fund investor Daniel Loeb called on Sony to spin off part of its entertainment arm.

Tiffany shares surged after the jewelry retailer reported a higher quarterly profit, helped by stronger-than-expected sales.

News Corp., the former parent of FOX Business, posted adjusted fiscal 1Q profits of 3 cents a share and revenues of $2.07 billion trailing forecasts.

Mining trouble sparked a drop in Caterpillar's earnings and prompted the equipment maker to slash its full-year guidance below estimates.

The U.S. energy company signed a production-sharing contract with China National Petroleum Corp., marking China's first joint agreement to develop a shale oil block.

Abercrombie & Fitch verbally agreed this week to sign the Bangladesh fire and building safety accord to improve worker conditions in the world’s second-largest apparel exporter behind China.

Japanese stocks rose on Monday after a sharp rebound in crude oil prices helped global market sentiment, but traders cautioned that the gains could be a temporary, technical bounce rather the start of a sustainable recovery.

Hong Kong shares enjoyed some respite from a savage selloff in recent weeks, with the benchmark Hang Seng Index jumping nearly 3 percent.