ASIA-PAC EQUITY WRAP: Asian stocks traded mostly higher with energy buoyed by OPEC+ surprise cuts but with gains capped after disappointing Chinese Caixin Manufacturing PMI

Analysis details (05:46)

Asia-Pac equity markets were mostly positive amid strength in the energy sector after oil prices were boosted by a surprise voluntary output cut by OPEC+ members although gains in the broader market were capped heading into this week’s key events and as participants digested a slew of data releases including disappointing Chinese Caixin Manufacturing PMI and a mixed BoJ Tankan Survey. ASX 200 (+0.6%) was underpinned by the energy-related gains and with money market pricing leaning heavily towards a pause at tomorrow’s RBA meeting. Nikkei 225 (+0.6%) notched modest gains following the mixed Tankan survey in which the large manufacturers’ sentiment index deteriorated for the 5th consecutive quarter and fell to its lowest since December 2020 but the large non-manufacturers sentiment index printed its highest in more than 3 years. Hang Seng (-0.3%) and Shanghai Comp. (+0.6%) were mixed with price action cautious after Chinese Caixin Manufacturing PMI showed flat activity in March and following a substantial liquidity drain by the PBoC.

03 Apr 2023 - 05:41- Fixed IncomeData- Source: Newsquawk