ASIA-PAC EQUITY WRAP: Asia-Pac stocks eventually traded mostly positive as the region struggled to sustain the momentum from Wall St's best three-day performance since 2020
Analysis details (06:02)
Asia-Pac stocks eventually traded mostly positive as the region struggled to sustain the momentum from US where the major indices extended on post-FOMC gains and the S&P 500 notched its best 3-day performance since 2020, despite Russia-Ukraine diplomacy pessimism. ASX 200 (+0.6%) was underpinned by strength in the commodity-related sectors and with notable outperformance in energy after crude prices rallied over 9% yesterday, while Australia’s largest lender CBA offered some relief for its business customers through 3-month loan payment deferrals to support with the flood recovery. Nikkei 225 (+0.7%) eked marginal gains amid the lack of fireworks at the BoJ policy announcement in which the central bank maintained its policy settings as expected and noted uncertainty from Ukraine. Hang Seng (-0.4%) and Shanghai Comp. (+1.3%) were subdued as tech stocks in Hong Kong faded their mid-week surges and with China said to weigh a Tencent (700 HK) overhaul by separating WeChat Pay from the core business and a new licence requirement. Conversely, the mainland was indecisive with downside cushioned amid further efforts by Chinese press to instil confidence in the equity market and with participants awaiting the Biden-Xi call scheduled for Friday at 13:00GMT/09:00EDT.
18 Mar 2022 - 06:01- Fixed IncomeResearch Sheet- Source: Newsquawk
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