ASIA-PAC EQUITY WRAP: Asia-Pac stocks were mostly positive with the region unfazed by the higher yields and continued oil advances

Analysis details (05:50)

Asia-Pac indices traded mostly positive and shrugged off the weak handover from Wall St where sentiment was pressured as yields spiked and bonds sold off amid rising oil prices and hawkish rhetoric from Fed Chair Powell, while Russia also downplayed progress in peace talks. ASX 200 (+0.9%) was led higher by strength in the commodity-related sectors including energy stocks after further upside in oil prices and with earnings also providing encouragement as New Hope Corp returned to profit for H1. Nikkei 225 (+1.4%) gained on return from the long weekend with exporters cheering the continued weakness in the currency and with a press report suggesting Japan is eyeing over JPY 10tln of additional stimulus, although Japanese Chief Cabinet Secretary Matsuno later denied they were currently thinking about an economic stimulus package. Hang Seng (+1.9%) and Shanghai Comp. (+0.4%) conformed to the upbeat mood with blue-chip tech stocks outperforming in Hong Kong including Alibaba after it boosted its share buyback to USD 25bln from USD 15bln and with Chinese oil majors benefitting from recent oil gains, while the mainland lagged amid weakness in developers after several announced a delay in their results and with shares in China Eastern Airlines declining after Monday’s aviation tragedy.

22 Mar 2022 - 05:44- EnergyResearch Sheet- Source: Newswires