Global Stocks: Wall Street drops, China continues to rally
U.S. stocks fell on Tuesday as the energy and healthcare sector led shares lower - reversing Monday's gains. The S&P 500 closed -0.88% with a final quote of 2,067.89 points. The DOW JONES index declined by -1.11%, closing at 17,776.12 points. The Conference Board's consumer confidence index for the U.S. jumped to 101.3 in March from 98.8 in February, beating expectations for a decline to 96.6. The Institute for Supply Management released its Chicago purchasing managers' index on Tuesday. The index climbed to 46.3 in March from 45.8 in February, missing expectations for a rise to 52.5. The S&P/Case-Shiller home price index increased 4.6% in January, in line with expectations, after a 4.4% gain in December.
Chinese stocks were trading higher. Hong Kong's Hang Seng is currently trading +0.69% at 25,073.13 points. China's Shanghai Composite rose to 3,793.85 points closing+1.23%. China reported data on Non-Manufacturing PMI with a decline from 53.9 to 53.7. The Manufacturing PMI for March rose from 49.9 to 50.1, beating estimates for a decline to 49.7. Final data on the HSBC Manufacturing PMI came in at 49.6, above the estimated 49.3 and above the previous reading of 49.2. The PMI data shows signs of an economic recovery of the world second largest economy.
The Nikkei dropped on Wednesday on soft Tankan survey and profit taking. The BoJ Tankan Manufacturing Index for the first quarter came in unchanged from a previous reading at 12, below estimates of an increase to 14. The BoJ Tankan Non-Manufacturing Index rose from 16 to 19, beating estimates of an increase to 17. Final data on the Japanese Manufacturing PMI came in lower at 50.3, below the previous reading of 50.4. Analysts expected an unchanged reading. The index declined by -0.90% closing at 19,034.84 points.
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