ASIA-PAC EQUITY WRAP: Asia-Pac stocks gained amid tech strength and as earnings took centre stage

Analysis details (06:05)

Asia-Pac stocks traded higher with earnings releases in focus and following the positive handover from Wall St where the major indices finished near the best levels of the day despite participants remaining in limbo ahead of the approaching US inflation data. ASX 200 (+1.1%) was lifted by notable outperformance in the tech and financials sectors with the latter boosted by firm gains in Australia’s largest lender CBA which reported a 22% jump in H1 cash profit and announced a AUD 2bln share buyback. Nikkei 225 (+1.1%) climbed back above the 27,500 level as its biggest gaining stocks were all driven by earnings releases including IHI, AGC and Nissan, while Toyota also reported record 9-month profit an SoftBank was boosted after it began to pitch its ARM IPO which CEO Son claimed would be the biggest IPO in the history of the semiconductor industry. Hang Seng (+2.0%) and Shanghai Comp. (+0.7%) conformed to the constructive mood after reports yesterday that Chinese state funds stepped in and purchased stocks to slow the market decline and with Hong Kong firmly boosted by a rebound in tech. Conversely, gains in the mainland were somewhat moderated amid lingering frictions with the US as the White House Press Secretary noted that China has not met trade commitments of 2020 and 2021, while the US and other nations also expressed deep concern at Hong Kong and mainland Chinese authorities' attacks on freedom of press and suppression of independent local media in Hong Kong.

09 Feb 2022 - 06:05- EquitiesResearch Sheet- Source: Newsquawk