Asian shares drop, European stocks steady

Gulf Today Report 

Asian shares declined on Wednesday despite data showing strong economic recovery in China. 

Japan's benchmark Nikkei 225 dipped 0.9% to 29,178.80. Australia's S&P/ASX 200 added 0.8% to 6,790.70. South Korea's Kospi fell nearly 0.1% to 3,066.98. Hong Kong's Hang Seng slipped 0.3% to 28,497.12, while the Shanghai Composite shed 0.6% to 3,436.93.

According to data released on Wednesday, China’s factory activity bounced back in March following a rise in export orders. 

Chinese manufacturing has recovered to above pre-pandemic levels in most industries but consumer and export demands have been slower to bounce back. Restrictions on trade in technology have also hurt exports, economists said.  

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European stocks

European stocks firmed on Wednesday as investors remain cautious after food delivery Deliveroo’s London debut.

The pan-European STOXX 600 index inched up 0.1% by 08:17 GMT, on course to end March with a 6.5% rise and the first quarter with an 8.1% gain.

Shares in Deliveroo opened well below the price of their initial public offering and fell as much as 30% to 275 pence. The company priced its initial public offering at 390 pence per share, valuing the company at 7.6 billion pounds ($10.5 billion).