Asian Indices Rise, Yahoo Shares Continue to Climb Ahead of Alibaba IPO
September 3, 2014 7:53 am
There were positive results from the Asian session overnight, with the big indices all gaining ground. The Nikkei rose by 0.38% as the markets responded positively to Shinzo Abe’s cabinet reshuffle in an attempt to re-energise his government. Meanwhile, Chinese Indices rose after reports of significant growth in China’s Services PMI, which jumped to 54.1 from the previous level of 50. The Shanghai Composite rose by 1% while the Hang Seng closed up by 2.17%, galvanised after days of trading broadly flat during protests in Hong Kong after Beijing flexed its political muscle in the region.
Markit Services PMI figures out in the Euro zone this morning showed mostly gloomy results, with Germany, France and Italy all reporting figures below expectations. Spain was an exception, with its Services PMI for August at 58.1 instead of the 55.1 expected. However, the PMI Composite for the Euro zone as a whole failed to match the predictions, with the recorded figure at 52.5 instead of the expected 52.8. The DAX and CAC were unfazed by the news, however, with gloomy Euro area macroeconomic numbers now fuelling expectations that ECB President Mario Draghi will institute some sort of quantitative easing measures to combat the ongoing economic decline within the Euro zone. Meanwhile in the UK the FTSE is currently trading up by around 0.5% after a strong services PMI for August; instead of an expected fall to 58.5 from July’s 59.1, August saw a rise to 60.5.
In stocks news, Yahoo shares have continued to rise as investors anticipate a major payday for the firm as a result of the upcoming Alibaba IPO. Yahoo has a stake of more than 20% in Alibaba and has been reported as intending to sell approximately a quarter of its shares in the Chinese e-commerce company during the IPO. Yahoo stock rose by almost 8% in August and was up by nearly 2% in the first day of September trading yesterday in the US
There were positive results from the Asian session overnight, with the big indices all gaining ground. The Nikkei rose by 0.38% as the markets responded positively to Shinzo Abe’s cabinet reshuffle in an attempt to re-energise his government. Meanwhile, Chinese Indices rose after reports of significant growth in China’s Services PMI, which jumped to 54.1 from the previous level of 50. The Shanghai Composite rose by 1% while the Hang Seng closed up by 2.17%, galvanised after days of trading broadly flat during protests in Hong Kong after Beijing flexed its political muscle in the region.
Markit Services PMI figures out in the Euro zone this morning showed mostly gloomy results, with Germany, France and Italy all reporting figures below expectations. Spain was an exception, with its Services PMI for August at 58.1 instead of the 55.1 expected. However, the PMI Composite for the Euro zone as a whole failed to match the predictions, with the recorded figure at 52.5 instead of the expected 52.8. The DAX and CAC were unfazed by the news, however, with gloomy Euro area macroeconomic numbers now fuelling expectations that ECB President Mario Draghi will institute some sort of quantitative easing measures to combat the ongoing economic decline within the Euro zone. Meanwhile in the UK the FTSE is currently trading up by around 0.5% after a strong services PMI for August; instead of an expected fall to 58.5 from July’s 59.1, August saw a rise to 60.5.
In stocks news, Yahoo shares have continued to rise as investors anticipate a major payday for the firm as a result of the upcoming Alibaba IPO. Yahoo has a stake of more than 20% in Alibaba and has been reported as intending to sell approximately a quarter of its shares in the Chinese e-commerce company during the IPO. Yahoo stock rose by almost 8% in August and was up by nearly 2% in the first day of September trading yesterday in the US
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