Asian shares drop, European stocks steady - GulfToday

Asian shares drop, European stocks steady

Stocks nosedive

Picture used for illustrative purpose. File

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).






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