ASIA-PAC EQUITY WRAP: Asia-Pac stocks were mixed after the Powell-induced swings, while US President Biden's State of the Union Address did little to excite markets

Analysis details (05:52)

Asia-Pac stocks were mixed and failed to sustain the momentum from Wall St where markets whipsawed as the attention centred on Fed Chair Powell before the major US indices eventually closed at session highs as Powell’s two-sided comments proved not to be as hawkish as some feared. ASX 200 (+0.4%) was underpinned by strength in financials and with the mining-related industries benefitting from the rebound in underlying commodity prices. Nikkei 225 (-0.4%) underperformed with sentiment in Japan pressured by weak earnings reports from the likes of SoftBank, Sharp and Nintendo. Hang Seng (+0.2%) and Shanghai Comp. (-0.4%) were indecisive amid lingering tensions from the spy balloon incident and with China denying a US request for a phone call between defence officials, while attention also turned to US President Biden’s State of the Union Address which did little to excite markets.

08 Feb 2023 - 05:49- Fixed IncomeResearch Sheet- Source: Newsquawk