ASIA-PAC EQUITY WRAP: Asian stocks were mixed amid lingering US debt ceiling concerns and as participants brace for this week's key economic releases including Chinese activity data due tomorrow

Analysis details (05:42)

Asia-Pac stocks traded mixed following the subdued performance last Friday on Wall St where risk sentiment was hampered by a disappointing University of Michigan Survey and US debt ceiling concerns, while participants in the region brace for this week’s key economic releases including the latest Chinese activity data due tomorrow. ASX 200 (Flat) was rangebound amid losses in the top-weighted financial sector and weakness in tech although the downside in the index was cushioned by resilience in mining stocks and several M&A-related headlines including Newcrest Mining (NCM AT) entering a binding scheme of implementation deed regarding the proposed takeover by Newmont (NEM). Nikkei 225 (+0.6%) outperformed with many of the biggest gainers in the index driven by earnings results and after BoJ Governor Ueda stuck to the dovish script and reiterated to G7 counterparts that Japan’s core CPI is likely to slow the pace of increase towards the middle of the current fiscal year and that the BoJ is continuing with easy monetary policy to sustainably and stably achieve the price target. Hang Seng (+0.2%) and Shanghai Comp. (-0.9%) were mixed with Hong Kong choppy and the mainland pressured after reports that G7 Leaders will discuss shared principles on China’s economic coercion and with the US to look at how outbound investment assessment can complement export controls to prevent the transfer of sensitive technologies to China. Furthermore, a relatively tepid PBoC MLF injection did little to boost risk sentiment and the Shenzhen Comp. (-0.7%) briefly breached the 11,000 level to the downside after turning negative YTD.

15 May 2023 - 05:40- Fixed IncomeData- Source: Newsquawk