ASIA-PAC EQUITY WRAP: Asian stocks traded mostly lower after the declines on Wall St amid deeper yield inversion

Analysis details (06:00)

Asia-Pac stocks were mostly negative following the weak performance of their counterparts on Wall St where the major indices wiped out their initial gains and virtually spent the entire session on the back foot as sentiment was hampered by higher yields and after recession fears were stoked amid the deepest 2s/10s yield inversion since the 1980s. ASX 200 (-0.8%) was dragged lower as underperformance in tech led the declines seen in almost all sectors and after the latest RBA Statement on Monetary Policy reaffirmed the view that further rate hikes will be needed. Nikkei 225 (+0.2%) bucked the trend amid an overload of earnings releases and with Japanese PPI data printing softer than expected, although advances are capped as participants second-guess who will succeed BoJ Governor Kuroda with the government set to present its nomination on Tuesday. Hang Seng (-1.7%) and Shanghai Comp. (-0.4%) were lower with Hong Kong pressured by weakness in the property and tech industries, while frictions lingered as the US seeks to take action against Chinese entities linked to the surveillance balloon and reportedly aims to curtail technology investment in China.

10 Feb 2023 - 05:58- Fixed IncomeEconomic Commentary- Source: Newsquawk