ASIA-PAC EQUITY WRAP: Asian stocks eventually traded mixed ahead of key US inflation data

Analysis details (05:42)

Asia-Pac stocks eventually traded mixed with only a slight positive bias following the firm handover from Wall Street where the major indices gained and the Treasury curve flattened amid positioning ahead of the upcoming US inflation data. ASX 200 (+0.2%) was led higher by tech and telecoms following similar outperformance of their counterparts in the US but with gains in the index capped as the improved NAB business survey is offset by a deterioration in Westpac consumer confidence. Nikkei 225 (+0.6%) was marginally firmer as participants digested the latest GDP data which showed Japan’s economy returned to growth in Q4 albeit at a slower-than-expected pace, while the government nominated academic Ueda as the next BoJ Governor, as well as Executive Director Uchida and former FSA chief Himino for Deputy Governors, as expected. Hang Seng (-0.3%) and Shanghai Comp. (-0.1%) were indecisive after the PBoC’s operations resulted in a substantial liquidity drain and amid the current surveillance balloon-related frictions, although there were also reports that US Secretary of State Blinken is considering meeting with China's Foreign Minister Wang Yi later this week which could provide an opportunity to diffuse the tensions.

14 Feb 2023 - 05:41- Fixed IncomeEconomic Commentary- Source: Newsquawk