* Market numb to its own economy after global market turmoil - analyst
* Topix’s 33 subsectors rising
* Investors brace for ‘catch-up’ selling in China - traders
By Ayai Tomisawa
TOKYO, Feb 15 (Reuters) - Japan’s Nikkei share average rebounded sharply on Monday morning on the heels of a rally in European bank stocks and on Wall Street after the benchmark index posted the worst weekly drop since 2008 on Friday.
The Nikkei rose 4.3 percent to 15,594.34 after ending at the lowest closing level since October 2014. It dropped 11 percent last week.
The market’s rebound offset dismal domestic data released in the morning. Japan’s economy contracted an annualised 1.4 percent in the final quarter of last year as consumer spending slumped, adding to headaches for policymakers already wary of damage the financial market rout could inflict on a fragile recovery.
“The Japanese market has become numb to its own economy as there were scarier events in the past week in the global market,” said Takuya Takahashi, a strategist at Daiwa Securities. “Today is all about a technical rebound.”
The dollar was up a touch at 113.64 yen, having pulled away from a 15-month trough just under 111.00, helping exporters rise. Toyota Motor Corp surged 5.6 percent and Honda Motor Co gained 4.9 percent.
Heavily battered financials also jumped, with Nomura Holdings rising 7 percent, Daiwa Securities Group gaining 6.0 percent and Mitsubishi UFJ Financial Group adding 5.7 percent.
Global oil prices surged as much as 12 percent on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut, lifting oil shares. Inpex Corp gained 4.6 percent.
Investors will be keeping an cautious eye on Chinese markets which opened lower on Monday as investors played catch-up with the global market turmoil after the week-long Lunar New Year holiday.
“Indications are that they are probably going to experience a bit of touch-up on the downside but it’s unclear how much and how that might reflect in regional markets,” said Stefan Worrall, director of Japan equity at Credit Suisse.
The broader Topix soared 5.0 percent to 1,256.27, with all of its 33 subsectors rising. The JPX-Nikkei Index 400 gained 5.2 percent to 11,337.73. (Reporting by Ayai Tomisawa; Additional reporting by Joshua Hunt; Editing by Eric Meijer)