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U.S. stocks rebounded on Monday following one of the worst performing days in the year as sentiment turned bullish and risk appetite returned. Yesterday Apple presented the highly anticipated I-Watch at a media event in California.
The S&P 500 closed +0.39% with a final quote of 2,079.43 points. The DOW JONES index added +0.78% closing at 17,995.72 points, missing the psychologically important 18,000 points mark by less than 5 points.
Chinese stocks declined on Tuesday. Hong Kong's Hang Seng is trading lower -0.82% at 23,925.44 points. China's Shanghai Composite closed at 3,287.10 points losing -0.46% at the close. Chinese Producer Prices year on year declined -4.8% in February, more than the expected -4.2%. Consumer Prices rose +1.4% beating expectations of an increase of +1.0%. As the data showed the risk of deflation in the world's second largest economy further measures by the PBoC will be in the focus.
The Nikkei lost further ground on Tuesday in volatile trading. Banking stocks slumped on a report that the Basel Committee may ask banks to boost capital. The Nikkei closed -0.67% with a final quote of 18,665.11 points. Preliminary Machine Tool Orders rose by +28.9% year on year in February with a previous reading of +20.4%. Late in the day data on Core Machinery orders is due at 23:50 GMT. A weaker yen failed to support stocks.
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