ASIA-PAC EQUITY WRAP: Asian stocks traded mixed as markets took a breather from recent bank jitters, while Chinese stocks underperformed as attention turned to earnings

Analysis details (05:51)

Asia-Pac stocks traded mixed and were mostly rangebound as markets took a breather from the recent banking sector jitters but with price action also restricted owing to the lack of fresh positive macro drivers, lingering geopolitical tensions and heading into month- and quarter-end. ASX 200 (+0.1%) eked slight gains with the index supported by strength in utilities and real estate although the upside was capped by weakness in the commodity-related sectors. Nikkei 225 (+0.4%) reclaimed the 27,500 level but with further upside limited after firmer than expected Services PPI data from Japan and a fresh round of missile launches by North Korea. Hang Seng (-0.6%) and Shanghai Comp. (-1.1%) were pressured despite the PBoC's RRR cut taking effect today, as the attention turned to earnings releases with energy leading the downturn in Hong Kong following a decline in Sinopec’s profits and with tech also weakened after Xiaomi’s quarterly smartphone shipments fell 18.6% Q/Q, while the latest data showed that Chinese Industrial Profits declined by 22.9% Y/Y during the first two months of the year.

27 Mar 2023 - 05:47- Fixed IncomeData- Source: Newsquawk