ASIA-PAC EQUITY UPDATE: Asian stocks are pressured at month-end after a slew of data releases including disappointing Chinese official PMIs

Analysis details (03:15)

Asia-Pac stocks are mostly lower following the mixed handover from Wall St where sentiment was clouded as hardliners voiced opposition to the debt ceiling bill, while risk appetite is also subdued as participants digest a slew of data releases heading into month-end including disappointing Chinese official PMIs. ASX 200 (-1.3%) is led lower by underperformance in the commodity-related sectors with energy the worst hit after oil prices slumped by more than 4% yesterday and with the mood not helped by firmer-than-expected monthly CPI. Nikkei 225 (-0.9%) is pressured by data releases in which Industrial Production printed a surprise contraction and Retail Sales missed forecasts, with early jitters also from North Korea’s failed satellite launch. Hang Seng (-1.8%) and Shanghai Comp. (-0.4%) declined with Hong Kong dragged lower by notable weakness in the local blue-chip tech stocks and following disappointing Manufacturing and Non-Manufacturing PMI data in which the former printed at a second consecutive month in contraction territory and its weakest reading YTD.

31 May 2023 - 03:15- Research Sheet- Source: Newsquawk