ASIA-PAC EQUITY WRAP: Asian stocks sustained the momentum from US, while participants digested disappointing Caixin Manufacturing PMI data and the RBA rate decision

Analysis details (05:58)

Asia-Pac stocks were mostly higher following the positive lead from Wall St where the S&P 500 notched its 5th consecutive monthly gain, while participants also digested disappointing Chinese Caixin Manufacturing PMI data and the RBA rate decision. ASX 200 (+0.6%) traded positive amid strength in tech and the commodity-related sectors with further upside after the RBA kept rates unchanged. Nikkei 225 (+0.7%) was underpinned by a weaker currency and with headlines in Japan dominated by earnings releases, while a recent poll by Bloomberg also showed that BoJ watchers don’t expect a further policy shift from the central bank this year with April now seen as the likely timing for a policy change. Hang Seng (+1.2%) and Shanghai Comp. (+0.1%) managed to shrug off the disappointing Chinese Caixin Manufacturing PMI data which slipped into contraction territory for the first time in 3 months with Hong Kong lifted by tech strength and the mainland kept afloat by further support efforts from China.

01 Aug 2023 - 05:56- Fixed IncomeData- Source: Newswires