ASIA-PAC EQUITY WRAP: Asian stocks followed suit to the weak handover from Wall St after mixed earnings and weak data stateside, while US-China frictions also lingered

Analysis details (05:33)

Asia-Pac stocks were mostly lower as the region tracked the losses on Wall St where risk sentiment was subdued after mixed earnings releases and disappointing US data. ASX 200 (-0.5%) was pressured by weakness in financials and underperformance in the mining sector as Australia’s largest company BHP suffers after a decline in quarterly iron ore output. Nikkei 225 (-0.3%) traded indecisively following mixed PMIs and as participants also digest the latest inflation data which printed mostly in line with estimates but remained above 3% and showed an acceleration in the Ex. Fresh Food & Energy CPI. Hang Seng (-0.6%) and Shanghai Comp. (-1.1%) underperformed amid ongoing US-China frictions with President Biden to unveil China investment curbs prior to the G7 summit in May, while Treasury Secretary Yellen commented that national security may come at a cost in the US-China relationship and there was also fierce rhetoric from Chinese Foreign Minister Qing Gang who said that both sides of the Taiwan Strait belong to China and warned that those who play with fire on Taiwan will eventually get themselves burned.

21 Apr 2023 - 05:32- Fixed IncomeEconomic Commentary- Source: Newsquawk