Asian markets paused after strong gains on their own markets yesterday and a 329 point gain on Wall Street. Manufacturing data in both China and the United States yesterday was very positive, suggesting that concerns over the global economy may be misplaced. Both the Nikkei225 and Hang Seng remain relatively unchanged with the Nikkei225 currently losing 16 points and the Hang Seng ahead by 8 points.
Whilst other news was mildly disappointing in the form of poor retail sales numbers and a double digit decline in the price of LYFT on its second day of trading, the positive manufacturing data outpaced the negatives. With a number of IPO’s to following LYFT, including UBER and AIRBNB, a lot of attention will be on how LYFT trades from this point onwards. If performance disappoints, there is a fear that this may temper interest in the upcoming IPO’s.
Opening calls for the FTSE and DAX point to a mixed opening for European bourses, the FTSE called 17 points higher and the DAX indicated 3 points lower at the opening bell.