ASIA-PAC EQUITY WRAP: Asian stocks mostly took impetus from Wall St where the S&P 500 entered into a bull market and tech rallied as yields declined post-IJC, although China lagged amid soft inflation data

Analysis details (05:40)

Asia-Pac stocks traded mostly higher following the gains on Wall St where the S&P 500 entered a bull market and tech outperformed as yields declined due to labour market concerns after Initial Jobless Claims spiked to the highest level since October 2021. ASX 200 (+0.4%) was led by strength in the tech and the mining industries but with upside capped by pressure in the energy sector after oil prices dropped on reports that Iran and US were near an interim deal on nuclear enrichment and oil exports which was later refuted by the White House. Nikkei 225 (+1.8%) spearheaded the advances amongst the major indices with the index back above the 32,000 milestone. Hang Seng (+0.2%) and Shanghai Comp. (Flat) were indecisive after weaker-than-expected Chinese inflation data continued to point to an uneven economic rebound, although there were some hopes of a thawing in US-China relations with Secretary of State Blinken’s delayed trip to Beijing said to be in planning for next week.

09 Jun 2023 - 05:38- EnergyData- Source: Newsquawk