Wednesday's Global-Stock Outlook
Spreadex | Mar 26, 2014 11:24AM ET
Global stocks are pointing towards a positive open this morning as worries from around the world begin to ease and strong economic data takes over. The Dow Jones had another bullish trading session yesterday, driven by US consumer confidence which has hit a six-year high. Today will see the hotly anticipated Candy Crush maker King trade on the New York Stock Exchange under the ticker KING at a price of $22.50, raising $500m yesterday which values the company at more than $7bn.
Asian stocks were relatively quiet throughout the night with the Nikkei 225 and the Hang Seng ending their sessions little unchanged as no key piece of data drove the markets in any significant direction.
– Sam Fox
h2 PM Analysis/h2 h3 Global stocks remained in positive territory/h3Global stocks remained in positive territory on high hopes China will introduce stimulus to counter the slowdown in its economy. US equities opened positively with the Dow Jones trading 80 points higher following US Durable Goods Orders coming in much better than expected at 2.2%, beating the 1.1% estimate.
Lloyds Banking Group fell over 4% in UK trade, the second biggest faller after RSA Insurance. The UK government announced they had sold £4.2 billion pounds worth of shares to cut its stake to under 25%.
The “App Boom” continues as investors await the flotation of King Digital Entertainment PLC (KING.K), the creators of Candy Crush. The IPO indicated a $22.50 per share flotation, given the company a valuation of over $7 billion. However, shares dropped below $20 in early trading.
– Lee Mumford
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