ASIA-PAC EQUITY WRAP: Asian stocks were mixed in holiday-thinned trade and amid US regional bank woes, while markets await US jobs data

Analysis details (05:37)

Asian stocks traded mixed after the weak handover from Wall St where risk sentiment was subdued by continued banking-related headwinds and with the region contained amid holiday-thinned conditions due to closures in Japan and South Korea, while US equity index futures are kept afloat following Apple’s earnings although gains are limited with the latest NFP jobs data on the horizon. ASX 200 (+0.3%) was choppy amid indecision in the top-weighted financial industry after ANZ Bank’s earnings which showed H1 cash profit rose to a record although the Co. warned of increased difficulties in H2. In addition, the RBA’s quarterly Statement on Monetary Policy stuck to the hawkish script as it reiterated to do what is necessary to return inflation to the target and that some further tightening may be required to reach the target in a reasonable timeframe. Hang Seng (+0.7%) and Shanghai Comp. (-0.7%) diverged with the Hong Kong benchmark led higher by strength in tech and property stocks, while the mainland is pressured after Chinese Caixin Services and Composite PMI data which showed the pace of China’s services activity slowed by more than expected but remained at a firm expansion.

05 May 2023 - 05:35- Research Sheet- Source: Newsquawk