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Home Markets Equities Stock Market

Global Stocks rise higher, on positive Chinese manufacturing report

Olumide Adesina by Olumide Adesina
September 1, 2020
in Stock Market
U.S Stocks set to surge higher, on hopes of a stimulus package deal, What Does The Circuit Breaker Tell Us

Trader Trader Gregory Rowe works on the floor of the New York Stock Exchange at the end of the trading day Monday, March 16, 2020. (AP Photo/Craig Ruttle)

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Asian stocks rallied higher on Tuesday after impressive data reports from China’s manufacturing sector.

European shares also printed a positive result with the pan-European Euro Stoxx 50 futures up 0.74% in early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%, to regain some ground lost on Monday.

The Hang Seng Index in Hong Kong traded 0.3% higher while the Shanghai Composite also recovered early losses to stand 0.1% higher. Japan’s Nikkei 225 erased early losses to trade flat.

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The Caixin/Markit Manufacturing Purchasing Managers’ Index(PMI) revealed China’s factory activity expanded at the fastest rate in nearly ten years in the month of August, triggered by the first increase in new export orders this year.

Futures on the S&P 500 Index gained 0.5% as of 10:48 a.m. London time.

The Stoxx Europe 600 Index climbed 0.2%. The MSCI Asia Pacific Index increased by 0.3%. The MSCI Emerging Market Index gained 0.9%.

READ: How investing in US, UK stocks can be seamless – Tosin Osibodu

Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics spoke about the prevailing macros affect the global equities market He said ;

“Stocks have had a choppy session in Asia, with investors being tossed around between coronavirus resurgence, central bank stimulus, and the convincing economic rebound in China.

“European markets look set for a higher opening after yesterday’s sell-off into month-end.

READ: Heineken scoops more Nigerian Breweries shares in insider disclosure

“The 1% selloff into month-end camouflaged a relatively concrete performance in EU stocks, given its value bias and lack of retail involvement, and as the month-end was exacerbated by reweighting flows.

“The move higher in FAANGs and semiconductors remains relentless and brutal to rationalize given the less encouraging news flow. Sentiment remains extremely bullish, and I am repeatedly told there are no alternatives, ‘semis are the only game in town,’ and valuations do not matter.”

The focus for most investors now moves to the September Federal Open Market Committee (FOMC) decision.


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Tags: Asian stocksAxiCorpChina’s manufacturing sector.Euro Stoxx 50Federal Open Market Committee (FOMC)Stephen InnesStoxx Europe 600 Index
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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