ASIA-PAC EQUITY WRAP: Asian stocks were mixed amid cautiousness ahead of big US tech earnings, month-end and the BoJ first meeting in the post-Kuroda era

Analysis details (05:38)

Asia-Pac stocks were mixed with price action mostly rangebound after the lack of fresh macro drivers over the weekend and as participants brace for this week’s key events including the big US tech earnings and the first BoJ meeting under Governor Ueda’s leadership. ASX 200 (Flat) was lacklustre as gains in the tech and defensive sectors were offset by underperformance in the mining-related industries with notable losses in Fortescue Metals and South32 after weaker quarterly output updates. Nikkei 225 (+0.2%) eked slight gains following recent source reports that the BoJ is likely to maintain ultra-loose monetary policy and dovish guidance, although it was separately reported that the central bank is considering conducting a comprehensive review of the impact of the monetary easing steps taken over the longer term and are planning to examine a quarter century of deflation. Hang Seng (-0.6%) and Shanghai Comp. (-0.2%) were subdued despite the PBoC’s liquidity efforts and the announcement of policies to support trade by China’s Vice Commerce Minister who also noted that uncertainty in external demand remains the biggest restraint for China’s trade, while frictions lingered with the US reported to have urged South Korea not to fill China’s shortfalls if Beijing bans Micron chips.

24 Apr 2023 - 05:37- Fixed IncomeResearch Sheet- Source: Newsquawk