ASIA-PAC EQUITIES UPDATE: Firmer trade in Asia amid tailwinds from the West

Analysis details (02:46)

Asia-Pac equities are mostly higher following the positive vibes from Wall Street, which saw all three indices higher at the cash close, although, futures were hit after the bell as Microsoft and Alphabet fell 6.7% apiece post-earnings. US equity futures resumed trade on the backfoot after Microsoft’s guidance (provided at the conference call) were softer than analyst expectations across the board, with the NQ (-2.2%) hit the hardest amid its exposure to tech. ASX 200 (+0.2%) opened firmer following the Aussie budget but gains gradually dwindled after hotter-than-expected Australian CPI data which resulted in a modest uptick in RBA pricing for a 50bps hike at the next meeting. Nikkei 225 (+1.0%) outperforms and briefly topped 27,500 with gains led by the pharma and manufacturing sectors. KOSPI (+0.6%) holds onto mild gains whilst chipmaker SK Hynix missed expectations and cut 2023 Capex by over 50% vs 2022. Hang Seng (+0.8%) and Shanghai Comp (+0.3%) opened firmer as the bourses conformed to the mild gains across global peers, while the PBoC also injected CNY 280bln via reverse repo at a maintained rate of 2.0%.

26 Oct 2022 - 02:46- Research Sheet- Source: Newsquawk