ASIA-PAC EQUITY WRAP: Asia-Pac stocks partially shrugged off early indecision with Chinese bourses lifted by positive signs from the COVID situation in Shanghai

Analysis details (06:05)

Asia-Pac stocks partially shrugged off the early indecisiveness following the choppy and mixed performance in the US where there was a slew of central bank rhetoric including from Fed’s Mester who didn’t rule out future 75bp rate hikes and with participants looking ahead to the latest US CPI data. ASX 200 (-0.2%) was subdued and briefly tested the 7,000 level to the downside with sentiment dampened by weak Consumer Confidence data, while Nikkei 225 (+0.2%) reversed its opening losses with the biggest movers driven by recent earnings releases. Hang Seng (+1.6%) and Shanghai Comp. (+1.8%) were both initially lacklustre as property developer Sunac faces its grace period deadline for a dollar bond interest payment and as participants digested the latest firmer than expected CPI and PPI data from China, although Chinese markets then strengthened amid further speculation of policy easing in Q2 and positive signs from COVID situation in Shanghai where there were zero community transmissions in half of the city’s districts.

11 May 2022 - 06:02- Fixed IncomeData- Source: Newsquawk