ASIA-PAC EQUITY UPDATE: Asia traded cautiously after the uninspiring handover from the US where sentiment was hampered by ISM data and hawkish Fed rhetoric, while the region also digests weak data and a further rise in US yields

Analysis details (06:14)

Asia-Pac stocks were choppy with price action kept mostly rangebound after the uninspiring handover from Wall Street where risk appetite was hampered by the latest ISM data and hawkish Fed rhetoric. ASX 200 (+0.1%) was indecisive amid weakness in the financial, tech and consumer sectors, while sentiment was also not helped by a large slump in building approvals although the downside was limited by resilience in the commodity-related industries. Nikkei 225 (Flat) failed to sustain early advances with the index stuck around the 27,500 level after data showed Japanese recurring profits declined Y/Y for the first time in eight quarters. Hang Seng (-0.8%) and Shanghai Comp. (Flat) were mixed with underperformance in Hong Kong as investors booked profits from yesterday’s tech-led rally and with the mainland also clouded by several weak earnings releases and ongoing frictions as the US is said to be lobbying allies on possible China sanctions if Beijing gives Russia military aid in Ukraine.

02 Mar 2023 - 05:39- Research Sheet- Source: Newsquawk

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