ASIA-PAC EQUITY UPDATE: Asian stocks failed to sustain the initial momentum with a flimsy risk tone seen at month-end amid mixed data releases

Analysis details (05:44)

Asia-Pac stocks eventually traded mixed heading into month-end and despite the early momentum from the positive close on Wall Street where risk sentiment benefitted as yields softened amid mixed data. ASX 200 (+0.5%) was led by strength in the mining-related industries and after mostly encouraging data releases including a stronger-than-expected rebound in retail sales. Nikkei 225 (-0.1%) initially gained amid the confirmation hearings at the upper house where the BoJ Deputy Governor nominees reiterated the need to continue monetary easing, although the gains were gradually pared as participants also digested mixed data from Japan including the largest monthly decline in industrial production in 8 months. Hang Seng (-0.6%) and Shanghai Comp. (-0.3%) were also flimsy and failed to sustain opening advances despite the firm liquidity operation by the PBoC and reports that the White House is scaling back plans to regulate US investments in China.

28 Feb 2023 - 05:42- Research Sheet- Source: Newsquawk