ASIA-PAC EQUITY WRAP: Asian stocks declined amid headwinds from the firm US PPI data hawkish Fed speak

Analysis details (05:31)

Asia-Pac stocks traded negatively as the regional bourses took their cues from the weak performance stateside after firmer-than-expected PPI data and hawkish Fed rhetoric in which both Mester and Bullard suggested a preference for a 50bps hike at the last meeting. ASX 200 (-0.9%) was dragged lower by weakness in tech following the underperformance of the Nasdaq in the US and with sentiment also dampened as RBA Governor Lowe reiterated the view for further rate hikes. Nikkei 225 (-0.8%) also suffered from the tech rout and as earnings releases began to quieten although Bridgestone was among the best performers owing to a jump in revenue and forecasts for a 12% increase in FY23 profits. Hang Seng (-0.7%) and Shanghai Comp. (-0.2%) declined with Hong Kong pressured by tech losses and with frictions stoked after China unveiled sanctions against US firms related to Taiwan arms sales, while the mainland initially bucked the trend after a substantial liquidity injection by the PBoC.

17 Feb 2023 - 05:30- Research Sheet- Source: Newsquawk