ASIA-PAC EQUITY WRAP: Asia-Pac trade was mostly rangebound after a non-existent lead from the US, while the region also digested earnings and mixed PMI data

Analysis details (05:43)

Asia-Pac stocks were subdued with trade mostly kept rangebound in the absence of a lead from Wall Street owing to the Presidents’ Day holiday. ASX 200 (-0.2%) was lower as participants digested a deluge of earnings releases including a decline in profits for Australia’s largest company BHP, while the RBA Minutes from the February meeting reiterated the Board’s view for further rate hikes ahead and noted that it considered a 25bps or 50bps hike at that meeting before it concluded that the case for a 25bps move was stronger. Nikkei 225 (-0.2%) was contained after mixed PMI data in which Manufacturing PMI declined by the fastest pace in two and a half years although Services PMI showed a firmer expansion. Hang Seng (-1.6%) and Shanghai Comp. (+0.1%) were mixed with Hong Kong dragged lower by tech losses, while the mainland was just kept afloat amid strength in developers after China launched an investment pilot for the property sector.

21 Feb 2023 - 05:41- Research Sheet- Source: Newsquawk