ASIA-PAC EQUITY WRAP: Asian stocks mostly declined and US equity futures were pressured as Meta wiped off nearly USD 200bln in value post-earnings

Analysis details (05:53)

Asian equity markets were mostly negative as the region took its cue from the selling pressure in US equity futures which was triggered by a more than 20% drop in Meta shares post-earnings after it missed on the bottom line and disappointed on guidance. ASX 200 (-0.1%) was dragged lower by heavy losses in tech after Meta’s slump spooked its industry peers although the losses for the index were stemmed by resilience across mining stocks and after mixed-to-firm data releases. Nikkei 225 (-1.2%) was subdued with Japan’s government said to be mulling an extension to the quasi-state of emergency in Tokyo and with Panasonic and Sony shares among the worst-hit post-earnings despite mixed results, while KOSPI (+2.4%) outperformed as it played catch up to this week's gains on return from the Lunar New Year holiday. Markets in mainland China, Hong Kong, Taiwan and Vietnam remained closed for holidays.

03 Feb 2022 - 05:51- Data- Source: Newsquawk