ASIA-PAC EQUITY WRAP: Asia traded mixed after Wall St indecision and amid mixed Chinese trade data

Analysis details (05:47)

Asia-Pac stocks traded mixed following the indecisive performance from Wall St where the focus was on the Fed’s SLOOS which showed banks tightened credit terms and demand for loans declined, while the attention in the region shifted to earnings results and economic releases including mixed Chinese trade data. ASX 200 (-0.2%) was lower with early pressure seen across nearly all sectors and with the top-weighted financial industry choppy after earnings from Australia’s largest lender CBA which reported a slight increase in Q3 cash profit although NII was lower compared to the quarterly average in H1 and the Co. also noted that many customers are feeling the strain of higher interest rates and rising living costs. Nikkei 225 (+1.0%) outperformed and reclaimed the 29,000 status, with the index unfazed by weak household spending data as participants digested earnings. Hang Seng (-0.4%) and Shanghai Comp. (+0.4%) were varied after the latest Chinese trade figures which showed stronger-than-expected Exports growth but Imports disappointed and printed a surprise contraction.

09 May 2023 - 05:44- Research Sheet- Source: Newsquawk