Market Bizzz

Samsonite joins global names such beauty-shop chain L’Occitane and fashion house Prada in searching for options beyond Hong Kong, where valuations have dropped in the decade since booming private wealth persuaded non-Asian brands to raise their profile in the region.

As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend.

MSCI’s broadest index of Asia-Pacific shares outside Japan ran into some profit taking in early trade on Friday after jumping nearly 2% in the previous session, and was last 0.17% lower. Still, the index was on track to gain more than 1% for the week.

The stock traded as high as $63.50, after opening at $52.56 each, versus its initial public offering (IPO) price of $36 apiece. The stock was last up 69% at $60.88.

Social media platform Reddit priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, raising $748 million and giving the ailing technology IPO market a much-needed boost.

Powell’s remarks, the most explicit so far about plans to slow a process that has seen about $1.4 trillion of bonds roll off the Fed’s balance sheet, was seen by several Wall Street analysts as a signal that a tapering plan will be unveiled as early as the Fed’s next meeting on April 30-May 1.