ASIA-PAC EQUITY WRAP: Asian stocks declined after the regional banking woes stateside and as markets await the FOMC

Analysis details (05:30)

Asia-Pac stocks were mostly negative following the losses on Wall St where the major indices declined ahead of the FOMC rate announcement amid regional bank jitters and with sentiment overnight also hampered by the key market closures in Japan and mainland China. ASX 200 (-1.4%) was lower with the downturn led by underperformance in energy after oil prices dropped more than 5% yesterday and with the mood not helped by mixed data releases including weak AIG Manufacturing and Construction figures. KOSPI (-1.0%) declined as the broad global risk aversion overshadowed the jump in vehicle sales by South Korea’s top automakers. Hang Seng (-1.8%) was pressured by weakness in the energy and tech sectors, with participants bracing for the expected rate hike stateside and a similar move by the HKMA in lockstep with the Fed.

03 May 2023 - 05:28- Research Sheet- Source: Newsquawk