ASIA-PAC EQUITY WRAP: Asian stocks were mostly higher after the tech-led gains on Wall St although China lagged on Alibaba's revenue disappointment

Analysis details (05:49)

Asia-Pac stocks were mostly higher following the tech-led gains on Wall St where the Nasdaq outperformed and the S&P 500 printed a 9-month high on debt ceiling optimism and firm data, although Chinese markets lagged amid disappointment from Alibaba’s revenue miss. ASX 200 (+0.7%) was lifted with the tech sector front-running the gains as it took inspiration from its US counterpart and with the top-weighted financial industry trailing closely behind. Nikkei 225 (+0.8%) surged at the open to print its highest since August 1990 although pared some of the gains after losing steam on its approach to the 31,000 level and as participants digested the latest CPI figures which were mostly in line with expectations but showed a faster pace of acceleration. Hang Seng (-1.0%) and Shanghai Comp. (+0.1%) were mixed with the Hong Kong benchmark pressured as Chinese tech giants suffered following Alibaba’s earnings results which beat on the bottom line but missed on revenue, while frictions lingered after US and Taiwan reached an initial agreement on a '21st Century' trade pact and with China concerned about recent signs of negative China-related developments at the G7.

19 May 2023 - 05:47- Data- Source: Newsquawk