ASIA-PAC EQUITY WRAP: Asia trade cautiously after recent gains in oil and continued hawkish Fed speak

Analysis details (06:12)

Asian equity markets traded cautiously after the weak lead from global peers as rising oil prices stoked growth concerns and with sentiment not helped by further hawkish Fed rhetoric. The major Asia-Pac indices were pressured from the open, although ASX 200 (+0.1%) later recovered with the index underpinned by strength in energy and metal miners after the recent gains in underlying commodity prices and with encouragement also from strong PMI data, while Nikkei 225 (+0.2%) initially retreated beneath the 28k level but saw a late comeback to keep its winning streak intact. Hang Seng (-0.3%) and Shanghai Comp. (-0.6%) were subdued after the PBoC drained liquidity and amid weakness in tech, with the worst-performing stocks in Hong Kong dragged lower by recent earnings releases including Tencent which posted a jump in profits but its slowest revenue growth on record. Furthermore, shares in major property developer Sunac were heavily pressured as the Co. plans to delay payment on a CNY 4bln onshore bond, while the US announced to reinstate 352 of 549 eligible product exclusions under consideration from China section 301 tariffs, although this did little to spur risk appetite.

24 Mar 2022 - 06:11- EnergyData- Source: Newsquawk