ASIA-PAC EQUITY WRAP: Asian stocks were mostly higher as banking sector fears eased but with gains capped after mixed Chinese activity data
Analysis details (05:55)
Asian stocks were mostly positive as they followed suit to the gains in global counterparts after banking contagion fears eased and markets found some relief in the absence of any additional bank failures, although the advances in the region were limited as participants also digested mixed Chinese activity data. ASX 200 (+0.9%) was led higher by strength in tech which took impetus from the outperformance of the sector stateside following Meta’s jobs and cost-cutting plans albeit with gains capped as the energy industry lagged after oil prices recently dipped to a fresh YTD low. Nikkei 225 (-0.2%) initially climbed as banking stocks atoned for the recent turmoil although the broader price action in Japan was choppy and the index eventually gave back all of its early gains heading into the conclusion of the spring wage negotiations despite talk of solid wage increases among the large companies. Hang Seng (+1.2%) and Shanghai Comp. (+0.7%) traded higher with the outperformance in Hong Kong driven by strength in tech and developers, while sentiment in the mainland is underpinned after the PBoC injected funds via its 1-year MLF and 7-day reverse repos but with upside capped following mixed industrial production, retail sales and urban fixed asset investment data releases.
15 Mar 2023 - 05:53- EnergyData- Source: Newsquawk
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