ASIA-PAC EQUITY WRAP: Asian stocks traded mixed with a mild positive bias amid recent gains in energy and as banking fears further subsided

Analysis details (05:54)

Asia-Pac stocks traded mixed with a mild positive bias as global banking sector fears continued to dissipate and with early advances led by energy after the recent surge in oil prices although gains were capped in the region as North Korean nuclear rhetoric stoked geopolitical concerns. ASX 200 (+1.0%) was boosted amid strength in the commodity-related sectors with outperformance in energy after oil prices notched the largest daily gain since October and financials were also lifted as Australia downplayed the risks to domestic banks from the recent global banking issues. Nikkei 225 (-0.1%) was indecisive despite Japan reiterating plans for a JPY 2.2tln economic stimulus package with trade contained to within a narrow range near the 27,500 level after the nuclear rhetoric by North Korea which called for the scaling up of weapons grade nuclear materials and included similar language used prior to its last nuclear test in 2017. Hang Seng (+0.7%) and Shanghai Comp. (+0.1%) were choppy as participants await key earnings releases and after the PBoC’s liquidity efforts.

28 Mar 2023 - 05:52- EnergyResearch Sheet- Source: Newsquawk