World markets find support backed by better than expected Manufacturing PMIs in EU
The global equity markets are mostly higher. S&P Futures are up about 26 points to trade around the 4474 area. The market found a base of support in the 4450 vicinity, with the low print coming in at 4445.75. Spoos have seen steady buying since that has taken the price to just off the overnight high of 4479.00.
In Asia, China slid 0.6% while Japan mustered a gain of 0.3%. The Shanghai struggled with tensions mounting following comments from the US that it would enforce export controls over China should it assist sanctions-laden Russia. In Japan, the Nikkei managed to close marginally higher. The Preliminary PMI for March initially disappointed participants with a print of 53.2 compared to expectations of 53.5. A couple of automotive names helped to keep the benchmark afloat. Both Toyota and Yamaha Motor closed 3% higher after the companies announced stock buy back plans.
In Europe, the major bourses are slightly higher. Better than expected preliminary Manufacturing PMIs have helped sentiment. Most notably, Germany’s March print of 57.5 was well above the forecast of 55.8. This drove a beat for the Eurozone in which the Manufacturing PMI came in at 57.0 compared to the 56.0 estimate.