ASIA-PAC EQUITY WRAP: Asia took impetus from Wall St's best 3-day performance since 2020

Analysis details (06:01)

Asia-Pac took impetus from the continued gains on Wall St where late buying helped stocks breakout from the early tentative mood and saw the S&P 500 notch its best 3-day performance since November 2020, while US equity futures were also mostly underpinned after-market led by Nasdaq 100 futures following strong Alphabet and AMD earnings. ASX 200 (+1.1%) was higher with the index led by outperformance in the commodity-related sectors and after RBA Governor Lowe reiterated that the board is prepared to be patient and that the end of bond purchases does not mean a Cash Rate hike is imminent, although kept the door open for when the first-rate hike will occur. Nikkei 225 (+1.4%) was underpinned by a predominantly weaker currency and climbed above 27,500 as earnings results continued to drive price action for individual stocks, while Japan’s government further refrained from considering state of emergency declarations. As a reminder, several key markets in the region remained closed with China, Hong Kong, Taiwan, Singapore, South Korea and Malaysia observing holidays.

02 Feb 2022 - 06:00- Fixed IncomeResearch Sheet- Source: Newsquawk