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Asian Shares Fall Before Chinese PMI

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Asian markets fell ahead of Chinese manufacturing data, while Softbank shares slid in Tokyo after the listing of Alibaba.

Investorsweare cautious before of the release of a preliminary manufacturing survey of China’s factory activities.

The Purchasing Managers’ Index (PMI) from financial institution HSBC is due on Tuesday.

Japan’s benchmark Nikkei index closed down 115.27 points, or 0.7%, at 16,205.90.

In Hong Kong, the Hang Seng index ended the day down 350.67 points, or 1.4%, at 23,955.49.

Softbank slide
Among individual companies, Softbank shares fell 6.1% on profit-taking, following the listing of China’s Alibaba on the New York Stock Exchange last week.

Softbank has a 32% stake in Alibaba, and shares of the Japanese company have surged by around 30% in anticipation of Alibaba’s listing.

Alibaba’s shares surged 38% on its first day of trade in New York, to close at $93.89 per share from the issue price of $68.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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