We have had two updates on Chinese manufacturing overnight. The survey conducted by HSBC shows the sector is in contraction, while the official report from Beijing shows a tiny increase in manufacturing; either way manufacturing output is sliding. When it comes to manufacturing in China, bad news is good news; soft manufacturing figures increased speculation that the People's Bank of China will inject cash into the bank system to ensure it achieve its growth target.
Aberdeen Asset Management revealed a net outflow of funds, as the emerging market currency crisis in February prompted a flight to quality.
Just Eat has set a flotation price between 210-260p, which would imply a market valuation of £1.2-£1.47 billion. IG clients are indicating a market capitalisation of £1.3 billion.
Alibaba, the Chinese ecommerce giant, is set to float and we have seen some selling recently. IG clients are now anticipating a market capitalisation of $210 billion.
In the US we are expecting the Dow Jones to open 23 points higher at 16,480, as Janet Yellen’s comments about continued stimulus are still resonating with traders.