ASIA-PAC EQUITY WRAP: Asian stocks traded amid headwinds from US JOLTS data and with markets shut across the Greater China region, while the RBNZ delivered a larger-than-expected rate hike

Analysis details (05:56)

Asia-Pac stocks traded mixed with sentiment clouded following the negative handover from Wall St where risk assets were pressured as weak JOLTS data stoked economic growth concerns, while trade was also hampered owing to the mass closures across the Greater China region for Ching Ming Festival. ASX 200 (-0.1%) was rangebound with early support from strength in healthcare, tech and gold-related stocks although upside in the index was later pared amid weakness in commodity-related sectors and after Services and Composite PMI data was confirmed in contractionary territory despite the mild upward revision. NZX 50 (-0.5%) wiped out its initial gains and was pressured after the RBNZ delivered a more aggressive than expected rate hike of 50bps and signalled a further rate increase. Nikkei 225 (-1.7%) underperformed and breached the 28,000 level to the downside amid broad weakness across sectors and as retailers including index heavyweight Fast Retailing failed to benefit from the recent monthly comparable store sales updates.

05 Apr 2023 - 05:55- Fixed IncomeData- Source: Newsquawk