· European stocks were mixed Tuesday morning, after stronger-than-anticipated factory activity surveys from the U.S. and China eased concerns over the global economy.
The pan-European Stoxx 600 index was flat shortly after the opening bell, with sectors and major bourses pointing in opposite directions.
· Asia shares extended their rally on Tuesday as positive factory activity surveys from China and the United States provided a much-needed boost to investor confidence.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, hitting a seven-month high after rallying more than one percent in the previous session.
Investors cheered U.S. data overnight showing improvements in manufacturing activity last month and construction spending for February, which overshadowed an unexpected drop in retail sales.
· Japan’s Nikkei touched a one-month high but ended flat on Tuesday, as selling in defensive stocks offset gains by financial stocks buoyed by rising U.S. bond yields.
The Nikkei share average ended 0.02 percent lower at 21,505.31, after opening at a one-month high of 21,744.64.
Analysts said that investors chased the market higher in early trade after risk appetites were boosted by optimism about the U.S. economy.
· China’s benchmark Shanghai Composite index see-sawed in a tight range on Tuesday before closing at a new 10-month high as investors cheered this week’s manufacturing data, and maintained optimism about policy easing and U.S.-China trade talks.
At the close, the Shanghai Composite index was up 0.2 percent at 3,176.82 after bobbing in and out of the red. It was the highest close for the index since May 22, 2018.
Reference: Reuters, CNBC, Daily FX
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