ASIA-PAC EQUITY UPDATE: Stocks on the backfoot as G7 holds an emergency meeting on Poland

Analysis details (01:53)

APAC equities trade lower across the board after sentiment was hit on reports of an explosion on the Polish side of the Poland-Ukraine border, with further reports suggesting the missile was “Russian made”, although Moscow has denied being behind the explosion. Geopolitical tensions remain high as NATO-member Poland has convened an emergency NATO meeting for Wednesday in which it could invoke Article 4 which will pave the way for discussions within the alliance on whether the threat exists and how to counter it. European equity futures are lower by over 1% in the DAX 40 and Euro Stoxx 50 Dec contracts, whilst US equity futures are also softer across the board with broad-based losses of around 0.5% seen at the time of writing. Back to APAC, ASX 200 (-0.5%) is dragged lower by its heavyweight Financials sector, with losses also seen across gold miners. Nikkei 225 (-0.8%) is back under the 28k mark but losses are somewhat cushioned by the weaker JPY, whilst machinery names were after the Japanese government cutting its machinery orders assessment. KOSPI (-1.2%) conforms to the downbeat tone across the region with the heaviest losses seen across the electronics and construction sectors. Hang Seng (-0.1%) and Shanghai Comp. (-0.6%) trade with losses as Chinese equities take a breather from the recent upside, with price action relatively contained in both benchmarks at the time of writing.

16 Nov 2022 - 01:53- EquitiesResearch Sheet- Source: Newsquawk