ASIA-PAC EQUITY WRAP: Asia traded mixed ahead of US debt ceiling talks and after Chinese activity data disappointed
Analysis details (05:57)
Asia-Pac stocks traded mixed and only partially sustained the positive momentum from Wall St where stocks were led higher amid a short squeeze in US regional banks albeit with the upside capped by a disappointing NY Fed Manufacturing survey and debt ceiling concerns, while markets digested weaker-than-expected Chinese activity data. ASX 200 (-0.4%) was lower as weakness in the tech and consumer sectors overshadowed the resilience in the commodity-related industries and with risk appetite also dampened by a deterioration in Westpac Consumer Confidence. Nikkei 225 (+0.8%) strengthened as earnings results continued to take centre stage in Tokyo including Japan’s megabanks and after the TOPIX (+0.5%) climbed to a fresh 33-year high. Hang Seng (+0.5%) and Shanghai Comp. (Flat) were varied with Hong Kong underpinned by strength in tech stocks after Alibaba announced to merge its DAMO Academy autonomous driving lab with its Cainiao logistics network and will make “huge” investments in its Taobao shopping app, while it was also reported that ‘Big Short’ investor Michael Burry boosted his bullish bets on e-commerce giants JD.com and Alibaba. Conversely, the mainland is subdued after disappointing activity data from China in which Industrial Production, Retail Sales and Fixed Assets Urban Investment all missed analysts’ forecasts.
16 May 2023 - 05:54- Fixed IncomeData- Source: Newsquawk
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