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The Asian brake behind Lyft's juddering start

Abrupt end to region's IPO boom casts a shadow over financial markets

| China
Lyft's shaky stock market debut disappointed Silicon Valley, Wall Street and Tokyo.   © Reuters

Recent days have provided more than their fair share of dark economic news. From Japan's latest survey of big manufacturers to industrial output in Germany and U.S. services activity, the global downshift is accelerating.

But perhaps the most potent indicator was ride-sharing company Lyft's shaky $24 billion stock market debut, which has worrisome implications globally, including for Asia. The Uber challenger was locked into reverse gear on its first two trading days in New York -- and has been juddering backward and forwards ever since.

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