ASIA-PAC EQUITY WRAP: Asia mostly took impetus from the gains on Wall St amid lower oil prices, although Shanghai lagged amid the ongoing lockdown

Analysis details (06:09)

Asia-Pac equity markets mostly took impetus from the gains in US where strength in growth stocks helped markets recover from early losses and with a drop in oil prices conducive for risk. ASX 200 (+0.8%) was led higher by strength in tech and consumer discretionary following similar outperformance of those sectors stateside and ahead of the Federal Budget announcement in which the government is expected to announce measures to help ease the burden from rising costs of living including a temporary reduction in fuel taxes and an increase to childcare subsidies, while PM Morrison was reportedly mulling a cash handout of between AUD 200-400 for those on low incomes. Nikkei 225 (+0.7%) was kept afloat after recent JPY weakness and with the government to compile economic measures by the end of next month. Hang Seng (+0.6%) and Shanghai Comp. (-0.4%) were both higher at the open following the PBoC’s liquidity efforts and with Chinese press speculating the central bank could cut RRR soon during Q2. However, the mainland index failed to sustain the gains amid the ongoing lockdown in Shanghai and despite the announcement of supportive measures by the local government. There was also plenty of attention on earnings with the big banks set to begin reporting their results today, while weakness was seen in developers as many delayed their earnings releases with Sunac China among the latest to announce a postponement which saw its shares drop around 20%.

29 Mar 2022 - 06:07- EnergyResearch Sheet- Source: Newsquawk