Snap stole the spotlight early in the day in Asia after it priced its initial public offering above the projected range.
The self-described “camera company” confirmed on Wednesday afternoon that its shares will cost $17 apiece — higher than the range of $14 to $16 set last month — putting its market capitalisation at $19.7bn. The messaging app owner’s IPO will be the biggest of a tech company since Alibaba.
Asia Pacific equities markets are set to carry on momentum from a banner day on Wall Street that saw the S&P 500 index rise 1.3 per cent. Futures tip Sydney’s S&P/ASX 200 index to open 0.9 per cent higher, Tokyo’s Topix index is expected to open with a rise of 1.2 per cent and Hong Kong’s Hang Seng index is set to open up 0.6 per cent.
Corporate earnings reports out today include Jardine Matheson, HongKong Land, ASM Pacific and AIN Holdings.
The economic calendar for Thursday is easy like Sunday morning (all times Hong Kong):
- 07.00: South Korea industrial output
- 08.30: Australia building approvals and trade balance
- 08.30: South Korea Nikkei manufacturing PMI
- 13.00: Malaysia interest rates decision
- 16.30: Hong Kong retail sales