ASIA-PAC EQUITY WRAP: Asian stocks stocks suffered after Wall St's worst performance YTD

Analysis details (06:13)

Asian equity markets were mostly negative amid headwinds from global counterparts including in the US where the S&P 500 and DJIA posted their worst performance YTD in which the former finished with losses of around 3% for its worst day since October 2020. In addition, the Nasdaq closed in a technical bear market following similar fates for both the Eurostoxx 50 and Dax as focus remained on geopolitical concerns with little progress made in the third round of Russian-Ukraine talks and amid oil supply concerns as US and allies discuss an embargo on Russian oil, while several Wall St names also downgraded their S&P 500 targets. Asia-Pac stocks were pressured at the open with the ASX 200 (-0.8%) led lower by weakness in the commodity-related sectors including energy after oil prices receded from yesterday’s highs. Nikkei 225 (-1.8%) fell below the 25k level for the first time since November 2020 before briefly turning positive intraday although failed to sustain the rebound, while the KOSPI (-0.9%) was subdued ahead of tomorrow’s presidential election and with recent satellite images showing construction at North Korea’s nuclear test site which is its first activity since 2018. Hang Seng (-0.6%) and Shanghai Comp. (-1.4%) conformed to the broad risk aversion although Hong Kong was initially cushioned by some reprieve for big tech although and with the mainland pressured amid developers woes including Yuzhou Property after it defaulted on an interest payment.

08 Mar 2022 - 06:12- EnergyGeopolitical- Source: Newsquawk