ASIA-PAC EQUITY WRAP: Asian stocks gained with global risk sentiment lifted after distressed bank lifelines
Analysis details (06:01)
Asian stocks were positive amid the improved global risk appetite after recent distressed bank lifelines including the SNB liquidity backstop for Credit Suisse and with large US banks teaming up to deposit USD 30bln in First Republic Bank. ASX 200 (+0.4%) was marginally higher with the index kept afloat amid outperformance in energy and as the top-weighted financial industry benefitted from the recent banking sector relief, although gains were limited by losses in real estate and the defensive sectors. Nikkei 225 (+1.1%) made headway above the psychological 27,000 level with railway stocks overrepresented amongst the top gainers, while automakers lagged at the opposite end of the spectrum. Hang Seng (+1.8%) and Shanghai Comp. (+1.4%) were in an upbeat mood as energy and tech spearhead the advances in Hong Kong and with Baidu eyeing double-digit percentage gains, while the mainland also benefitted from the PBoC’s continued liquidity efforts.
17 Mar 2023 - 05:59- Fixed IncomeResearch Sheet- Source: Newsquawk
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